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Consider: almost half of China's $585 billion economic-stimulus program, announced last November to much fanfare, is earmarked for infrastructure spending on railroads, highways and power grids. Another 25% will go to reconstruct entire towns in Sichuan province that were devastated by last year's earthquake. These are "shovel...
Right now, the Chinese hang on to their earnings because they feel they must. Nobody has their back if they get sick or lose their job. Beijing spends only 5% of GDP on health care, pensions, unemployment benefits and other social services. (U.S. social-welfare spending as a percentage of...
To their credit, President Hu Jintao and Premier Wen have talked about the importance of expanding China's safety net and boosting rural incomes. But the global economic crisis may force them to move more quickly on these fronts. China's unemployment rate could reach 14% before the crisis is...
- With reporting by Lin Yang / Beijing
See 10 things to do in Beijing.