Trade War Drains China’s Social Security System (Nikkei Asian Review)
China’s social insurance program is not aging well.
The trade war with U.S. and the coronavirus pandemic forced the government to repeatedly offer generous stimulus to ease Chinese companies’ burden of social welfare contributions.
But this led to a smaller pension pot. Social security expenditures for fiscal 2020 are set to exceed revenues for the first time since 1998, creating red ink.
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