From a new AllianceBernstein report on China by Anthony Chan:
the important change has to be for Chinese households to increase their propensity to consume, but without excessive borrowing. This will require tremendous efforts by the state to remove the need for "precautionary" saving by households. It will require the implementation of a comprehensive national pension system and the provision of adequate social welfare, healthcare and education to inject a stronger sense of personal financial security.
Yes, if the Chinese only had a Social Security, ObamaCare, and public school system like America, they'd be in as great shape as we are! It's really something when the American (actually, AllianceBernstein is French-owned, by AXA, so make it Western) financial companies are lecturing the Chinese Communists on the need for a greater state role in health, education, and welfare.
