The irony of this story ...
The United Nations is telling China to Spend More on Public Services in order to sustain economic growth and notes the economic disparity of the Nation.
China needs to spend more on education, health care and social welfare to sustain economic expansion as a global recession looms, the United Nations said in a report today.
The fruits of China's rapid growth haven't spread equally, and disparities limit continued expansion, according to the China Human Development Report. Shanghai and Beijing compare in development to European countries such as Cyprus and Portugal, while inland provinces like Guizhou in the southwest are closer to African economies like Botswana and Namibia, it said.
Improving services including health care will support a shift to consumption-led growth by boosting consumer spending and labor productivity, the UN said. Investing 372 billion yuan ($55 billion) a year, or 7.5 percent of state income, would let China assure nine years of compulsory education nationwide, basic medical care and old-age insurance, the report estimates.
Anyone else see the irony here? In the United States we constantly are told how public services will stop economic growth by vested interests and even further, China is supposedly a Communist country while the United States is a capitalist one.
So, beyond the obvious that mixed economies are stronger, it's ok to say to China they should support their people but not the United States?