The best line:
“Raising personal incomes and strengthening the social safety net to address the reasons why Chinese feel compelled to save so much would provide a powerful boost to Chinese domestic demand and global growth.”
Of course, why should the Chinese citizens feel compelled to save their own money and be self-sufficient? Why bother saving money when you can consume it and trust your government to take care of you?
Takeaway: Governments of all stripes love their citizens to believe in collectivism and be at their mercy. Don’t fall for it. People came to this country for opportunity, not safety nets.