- Registration time
- Last login
- Online time
- 2017 Hour
- Reading permission
China needs to move away from low-cost labor-intensive manufacturing industries geared for export markets to high-value knowledge-based industries serving the domestic market. There are three ways to do this:|
1. Pubic goods and services: infrastructure, urbanization, clean energy, green environment, mass transit
2. Social goods and services: housing, healthcare, childcare, retirement, education, culture, sports
3. Consumer goods and services: travel, tourism, fashion, food&beverage, lifestyle, etc.
China lacks a "welfare state" to take care of its citizens. Creating a well-funded, efficient and productive social welfare system allows the people to spend more of their disposable income on consumer goods and services. Without this "welfare state", Chinese people save too much money to pay for their social welfare in lieu of their consumer lifestyle.