China needs to spend more on welfare

Quote from CNN Website:

"The challenge facing the next generation of the Chinese leadership is steering the nation as it moves from an export and investment driven economy to a more sustainable consumption-driven economy."

"Here the next generation of Chinese leadership can and should play a significant role.

An effective approach to reduce the inequality and to boost consumption, however, is to shift government spending priorities away from massive infrastructure development -- roads, railroads and airports -- and toward social welfare investment and income transfer programs."