China’s Hidden COVID Catastrophe
Foreign AffairsAUG 2023
Though no one likes when their benefits are being cut, China is in a tough situation socially and economically. In addition to the long-known fact that the population is rapidly aging, China's zero-COVID policy took a serious toll on the economy, especially on a local level. The reforms will give retirees additional benefits that will hopefully counteract the decrease in available monthly funds.
While the sick and old are facing what amounts to austerity measures on their healthcare, party officials have access to generous medical treatments at public cost without having to pay for basic healthcare insurance. Retirees were already struggling before these cuts to their benefits, and now they will have to be even more frugal to survive.