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Did China miss its chance to fix its economy?
Behind the Money
Is There a Social Safety Net in China?
Why wasn't this social safety net set up any earlier? Economists don't really seem to have a clear answer of this. People that I've interviewed are very senior Chinese officials. They haven't received satisfactory answers. Xi Jinping's advisors have talked about being that you don't want to disincentivise labour. So, they're worried about structuring social services in a way that provides too much welfare. But studies from the West have shown that you have to be very, very, very generous before that becomes a problem.
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