Heralding social, financial change, China aims blow at iron rice bowl

Business & Technology

"China has ordered state firms to smash the decades-old system of providing cradle-to-grave welfare support, known as the country’s 'iron rice bowl,'" reports David Stanway. "But the order, part of a plan to reduce financial pressure on bloated and heavily indebted state-owned enterprises (SOEs), is likely to be easier said than done as cities navigate the social and financial wrenches the changes will cause."