A limited formal social security system means the Chinese save like crazy.
This is from a long article on the economic situation in China by Liam Halligan in the Sunday Telegraph.
The unintended consequence of the welfare state is that people save very little.
- The proposed top Capital Gains Tax rate would be higher than that in China, where the image of the late Chairman Mao, communist, is displayed on the bank notes
- Why don’t people save?
- Britain has the highest proportion of single mothers in the European Union and, surprise, surpise, one of the highest rates of benefits for single mothers
- European Union obstructs efforts to save people from MRSA
- In the jargon, “working and claiming”