New Sustainability Research Findings Reported from Zhejiang University (The Impact of Long-term Care Insurance On Household Consumption and Sustainability Among Aged People In China): Sustainability Research

2024 APR 25 (NewsRx) -- By a News Reporter-Staff News Editor at CDC & FDA Daily -- Research findings on Sustainability Research are discussed in a new report. According to news reporting from Hangzhou, People’s Republic of China, by NewsRx journalists, research stated, “Long-term care insurance is beneficial for boosting household consumption, thereby holding significant value in promoting economic recovery and sustainability. Despite its potential impact, the relationship between them have not been sufficiently studied.”

Financial support for this research came from National Social Science Fund of China.

The news correspondents obtained a quote from the research from Zhejiang University, “This paper aims to scrutinize the impact of long-term care insurance on household consumption and sustainability, leveraging data from the CHARLS survey spanning the years 2011 to 2018. The empirical findings reveal that: (1) firstly, the implementation of long-term care insurance has led to a substantial 20.6% increase in household subsistence consumption, and a 2.9% rise in developmental consumption. Furthermore, it has effectively diminished the proportion of subsistence consumption within the overall consumption framework by 2.2%. (2)Secondly, the augmentation of household consumption through long-term care insurance is elucidated by various mechanisms. Notably, it has stimulated labor force participation, curtailed medical expenses, and mitigated the necessity for precautionary savings. These dynamics collectively contribute to an enhanced capacity for household consumption, further reinforcing the economic benefits associated with long-term care insurance. In the context of the ongoing global challenges, particularly the aftermath of the COVID-19 pandemic, our analysis underscores the potential of long-term care insurance not only in facilitating economic recovery, but also in fortifying sustainability.”

According to the news reporters, the research concluded: “As policymakers contemplate strategies for post-pandemic recovery, it is imperative for the government to consider expanding the pilot scope of long-term care insurance initiatives, which promotes economic resilience and sustains household well-being in the face of unforeseen challenges.”

This research has been peer-reviewed.

For more information on this research see: The Impact of Long-term Care Insurance On Household Consumption and Sustainability Among Aged People In China. Economic Change and Restructuring, 2024;57(2). Economic Change and Restructuring can be contacted at: Springer, One New York Plaza, Suite 4600, New York, Ny, United States. (Springer - www.springer.com; Economic Change and Restructuring - http://www.springerlink.com/content/1573-9414/)

Our news journalists report that additional information may be obtained by contacting Yao Tang, Zhejiang University, School of Public Administration, Hangzhou 310018, People’s Republic of China.

The direct object identifier (DOI) for that additional information is: https://doi.org/10.1007/s10644-024-09663-4. This DOI is a link to an online electronic document that is either free or for purchase, and can be your direct source for a journal article and its citation.

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