Innovative, Bold and Generous

Financial Times, Richard McGregor
China must urgently address the nation's looming pension and healthcare crises while government has the financial resources to tackle them, says Zhou Xiaochuan, head of the central bank.

Discussions about China's pension and healthcare crises, as well as its tremendous financial resources, have been on fire for months. Various opinions and ideas are being thrown everywhere by all big names. Although what Mr. Zhou said is not a surprise but a signal I have expected for quite a while, this is the first time such a comment released by a high-level official - at a right position - in public.

Mr. Zhou outlined his policy prescriptions during the G20 finance ministers' meeting in Melbourne at the weekend: "It is critcal to set up an effective incentive system that encourages people to join the pension and medical insurance plan. The process requires us to be innovative, bold and generous."

The curtain is rising and a big change - for related industries, even the whole economy, and daily life of Chinese people - is on the way. Let's see.