> where will the revenue come from to pay those benefits A mixture of bonds/borrowing, federal bailouts, and (painful) corporate tax reform. This is a major r

> where will the revenue come from to pay those benefits A mixture of bonds/borrowing, federal bailouts, and (painful) corporate tax reform. This is a major reason why provincial law enforcement has recently begun cracking down on unpaid corporate back taxes recently, because social spend is largely devolved to the provincial level. The property crisis in China is itself a result of the retirement fund issue, as until recently provincial government's only financial lever was land sales, and retirement funds are largely the domain of provinces following Deng's reforms.