i think health care might be a low hanging fruit. it’s expensive — any intervention from a health-care “safety net” to full universal care will cost a lot of money, so create a lot of income and therefore domestic demand. 1/

but it’s not “welfarist” in the sense it enables people to opt out of work, become complacent or decadent or whatever people like Xi misproject on Western social democracy. it’s a complement to labor, never a substitute. 2/

right now, China is still hoping it can ride through the turbulence and continue to rely on global demand to pull out of stagnation. but if the US remains chaotically cold turkey and Europe refuses to take on much of its role, i think China will get there… 3/

with “there” defined as domestic demand stimulus, not necessarily through health care, but for the reasons above, maybe health care is a good bet. /fin