Chinese welfare reform key to stability, says Roach

Asian capitalism since the end of World War II has had many variants, but in general one of its biggest differences from that of the West has been its lack of welfare systems. It's been relatively easy for most Asian governments to ignore welfare needs, because they have been busy growing their economies. There's been enough private wealth generated to take care of people, on the whole -- and not spending on a destitute minority has kept government balances healthy. In most countries…