I seriously doubt that China’s move to a gig economy has anything to do with too much saving and too little spending. It’s more of a response to the growing burden of mandated employee benefits, just like it is here.
His story is increasingly common in China, where tens of millions are shifting from formal employment into the gig economy as meagre unemployment insurance, record numbers of graduates and a shortage of jobs squeeze opportunities.
“The urgent priority is to make it easier for flexible workers to be included in the employee social security system,” said Nomura’s chief China economist Ting Lu, who estimates only tens of millions are fully enrolled.
“We need to reduce anxiety,” he said, “so that they save less and consume more.”
L – “They want to reduce anxiety.” Have they tried M.A.I.D., yet.
“The New World Order”(P.M. Mark Carney et al) = *Nihilism
*Be aware, that when fighting monsters, … you yourself do not become a monster. For when you gaze long into the abyss. The abyss gazes long into you.” Friedrich Neitzsche
Is the “New World Order” global Nihilism ? (rhetorical question)
M.A.I.D.?
How about conscription and invade a neighboring country?
Then they can feed the troublemakers to the crows, capture the females they need because the one-child policy caused a shortage, and create thousands of new jobs fabricating kit for their war machine.
Being a new conscript in the Peoples Liberation Army will fix the anxiety.
Yousa!
The state pension fund will be empty by 2035 unless retirement age is increased.
Or, as Larry pointed out, they might be trying MAID. That could work at two levels. MAID for those at or near retirement would reduce the payout. If you’re young and taking gig jobs without paying into the pension fund; well you might be surprised that you’ve been signed up as an organ donor.
Gosh, does this mean that Chinese workers are stressed over meeting their overseas (Left Coast) mortgage payments? Carney and Eby did their part so Newsom will have to follow suit.
This is an interesting development self-inflicted. China made a move a number of years ago to transfer a lot of the manufacturing outside of Mainland China. Vietnam is a good example, which is growing rapidly with Chinese manufacturing in electronics, textiles, and automotive parts. They did the same in Mexico, although for different reasons. China thinks they can capture the whole of Central and South America in the EV industry and needed to improve the supply chain. They use foreign domiciles to circumvent tariffs as well (and not just those levied by the US).
The above, combined with the “chickens coming home to roost” on their past “one child rule” is not advantageous to the Chinese citizen on the mainland. Too few producers (now getting worse by moving their industries elsewhere) and too many parasites living off the State. It’s one of the reasons when a Chinese company opens up on foreign soil they make importing Chinese labor a part of the deal.
So when does China engage the Logan’s Run plan?
Well, they’ll have to pronounce it first. One more time, lads: “Rogan’s Lun…”
My newest multi-racial … Japanese-named granddaughter’s name starts with an ‘R’. I jokingly … asked her half Japanese mom if I should pronounce it with an ‘L’ … she said most of her relatives will … so why not?
LOL
err
ROR