For nearly three years, local governments bore the brunt of enforcing the now-defunct pandemic controls, resulting in soaring expenditures even as their income from revenue sources such as land sales slumped.
It's unclear exactly how much China has spent in total on maintaining its ultra-strict zero-COVID policy, or where that money came from. But at least 17 of the country's 31 provinces have revealed the enormous sums they've spent on fighting the pandemic. China's outstanding government debts might have surpassed 123 trillion yuan last year, of which nearly $10 trillion is so-called "hidden debt," according to Chinese analysts. The debt problem has gotten so extreme that some cities are unable to provide basic services, such as heating homes.China's health insurance scheme is a key part of its limited social safety net. It covers a portion of medical costs for current and retired workers in urban areas.
The elderly, who tend to have more medical needs, are more sensitive to the changes. In the central city of Wuhan, retirees saw monthly cutbacks of as much as 70 per cent.In the central city of Wuhan, retirees saw monthly cutbacks of as much as 70 per cent.
But can spend millions even billions on nuclear weapons and rockets into space.
China's aging population crisis will cost them way more within 10 years.