World Business: Communist China at 60 02/10/2009

World Business: New China, under the rule of the Communist Party, is now 60 years of age. And for the past two decades, the country has developed at such a rate that the once sick man of Asia is now the worlds third largest economy, powered by a working age population that grew much faster than the total population. But within a decade Chinas workforce will shrink a result of the controversial one child policy. And this is happening at a time of explosive growth in the number of elderly - many of whom, today, have little in the way of a social safety net.

Reporter: Nick Mackie

Category:

News & Politics

Tags:

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[releasetaiwan]

CHina was not communist anymore , becuase nobody believes, even the government. its proforma.

[motherfuckingmanuel]

the girl at 4:08 its hot, God bless her heart.

[bushangels]

yeah, right, according to this guy's logic, EU is already facing a aging problem. It will get even worse with every one out of 4 new borns being Islamic...China will be fine. Thething is that Chinese ppl are so used to thrift life, unlike their EU counterparts...go figure who should be worried more.

[musicalidea]

That's because China was and still largely is a developing nation with a low standard of living on average and - by middle class Western standards - brutal working conditions for most people. Of course they saved - it was that or starvation! I think the purpose of civilization and modernity is to alleviate these brute and mean states and all everyone across the board to live more prosperously. Soc. Sec. should be encouraged and expanded, not be seen as largess.

[lordawesome46]

For the last 30 years China did not have a real pension system and yet the Chinese people got by just fine. This is due to the Chinese culture's emphasis on saving. Ordinary Chinese people save over 30% of their income. This is also why China will not have a social security crisis as the west is having now. The Chinese don't have the sense that they should rely on the government for pension. Ironically, it is a so-called "socialist" country.