Healthcare For All In China?
Ezra Klein explains why China is building a universal health care system:
Chinese economists see universal health care as a way to induce consumption and economic dynamism. The Chinese have a high savings rate -- indeed, an absurdly high savings rate, between 30 percent and 40 percent of income -- and one of the reasons is fear of medical expenses. China lacks a safety net, and so people spend less because they need to plan for catastrophe. And if catastrophe doesn't befall, then they've simply spent less. Which is a problem when you're facing down a potentially long recession. And so China is trying to make it safe for its citizens to spend, which means making future expenses more predictable, which means offering health care coverage.