China News Thread
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. All had bamboo scafolding and nets which could of contributed to the spread. 12+ reported dead so far but likely will rise
Already 36 dead, how could this happen, I think fire safety protocols needs to be checked and updated. This could the biggest fire tragedy in history of Hongkong.
China News Service, Beijing, December 12 (Dong Xiangyi) — The Central Economic Work Conference emphasized that "investment in physical assets and investment in human capital must be closely integrated." Which industrial sectors are poised for takeoff? China News Service interviewed Hu Yuwei, Chief Policy Analyst at China Securities, on this topic.
The meeting proposed "advocating a positive outlook on marriage and childbearing, and striving to stabilize the scale of new births."
Hu Yuwei stated that currently, fertility support policies have formed a comprehensive package: the national childcare subsidy system has been fully implemented, with each child under three years old eligible for an annual subsidy of 3,600 yuan; multiple provinces have extended marriage leave, introduced marriage incentives and consumption vouchers, while the nationwide marriage registration policy has further facilitated marriage and childbearing for those of eligible age...
"These measures not only reduce the costs of childbirth, childcare, and education but also foster a society that supports childbearing. They will not only alleviate pressures from demographic imbalances but also invigorate related industries such as maternal and infant care, childcare, and education, thereby expanding the domestic market and injecting long-term momentum into economic growth," he said.
The meeting also proposed implementing a rehabilitation and nursing expansion and enhancement project next year, introducing a long-term care insurance system, and strengthening care and support for vulnerable groups.
Regarding this, Hu Yuwei stated that the rehabilitation care expansion and enhancement project directly addresses the urgent needs of groups such as the elderly and persons with disabilities. The advancement of this initiative will drive the development of industries including rehabilitation equipment manufacturing and nursing talent cultivation, creating numerous job opportunities. This will foster a virtuous cycle between improving people's livelihoods and economic growth, making social security in an aging society more compassionate.
The meeting proposed optimizing centralized drug procurement and deepening reforms in medical insurance payment methods.
Centralized procurement and medical insurance reforms serve as institutional safeguards for protecting the public's health rights. Hu Yuwei further emphasized that the Central Economic Work Conference's deployment to optimize centralized drug procurement and deepen medical insurance payment reforms is precisely aimed at ensuring the public can "afford medical treatment and medication."
It is worth noting that in August this year, the National Healthcare Security Administration issued the Interim Measures for Disease-Based Payment Management in Medical Insurance. For cases unsuitable for disease-based payment—such as those involving prolonged hospital stays or the use of new drugs and technologies—medical institutions may apply for special case review. Medical insurance authorities may then implement item-based payment or adjust payment standards to ensure patients receive appropriate treatment.
Hu Yuwei pointed out that the ongoing deepening of medical insurance payment reforms not only enhances the efficiency of medical insurance fund utilization but also compels medical institutions to standardize their services.
Medical insurance coverage continues to expand, maternity insurance benefits are now disbursed directly to individuals, and support mechanisms for vulnerable groups are being continuously refined, collectively forming a multi-tiered healthcare safety net. These institutional innovations not only alleviate the financial burden of medical expenses for the public and unlock consumer potential, but also promote the rational allocation of healthcare resources and foster high-quality development in the pharmaceutical industry, achieving a win-win outcome where health rights are safeguarded and economic efficiency is enhanced," said Hu Yuwei. (China News Service)
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We generally view China's demographic challenges as the greatest obstacle to its long-term development. It is evident that the Chinese Communist Party leadership shares this concern. Recent central government work conferences have set the tone for future focus on “investing in people” (one aspect being boosting the birth rate). However, China's rapid development has led to an accumulation of numerous complex social issues over the years. Resolving these requires mobilizing the nation's resources and implementing broad, deep, and precise reforms. Therefore, we should not expect China to increase its birth rate in the short term. Official phrasing like “striving to stabilize the scale of newborns” indicates the government already anticipates no immediate rebound in fertility rates. Extending our timeframe to a decade, however, suggests China may see a more noticeable boost in fertility rates by then.
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