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I thought China had a much higher Social Security rate than the U.S.?

That is misleading because it does not apply to everyone. In some Chinese documentaries they comment on how the government controls where people can live. If you don't have a license to live somewhere you don't get government benefits if you move there -- illegal aliens in their own country!

Another reason why that is misleading is that the saving habit comes from the old regime when everyone was poorer. I read that today the young save less than the old and that's because the young are better off than their elders an less fearful of the future.

The Captain
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