Friday January 20, 2006

Chinese personal savings hit 14t yuan

business-times.asia1.com.sg :

The frugal Chinese had a record 14 trillion yuan (S$2.8 trillion) in personal savings by the end of 2005, as families socked money away to pay for schooling, health care and housing, the government said. The figure was an increase of 11% over the 12.6 trillion yuan in total savings in 2004, and amounted to an average of more than 10,000 yuan (S$2,020) per person.

Unable to count on government support for schooling, health care and retirement, Chinese tend to save more than families in the United States and other western countries. Although many Chinese are investing in property, the lack of other reasonable investment options obliges people to put most of their savings in banks. Chinese families spend an average of only 60% of their income, saving the remaining 40%. That compares with a world average savings rate of 20%, the China Daily said.

(2006-01-20 00:50:56 SGT) [Biz] Permalink

Most popular blog postings on lowem.log :

1. Singapore MRT rail network length to double by 2020
2. 2010 Nissan Leaf electric car specifications : 107hp, 24KWh lithium-ion batteries, 100-mile range
3. Live spot gold price quotes chart on COMEX
4. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
5. AVG Anti-Virus Free Edition 2011 direct download link
6. Real-time live gold and silver price quotes chart on COMEX
7. Singapore electric vehicles : Government agencies EMA and LTA to study EV introduction
8. Book review : Shut Down by William Flynn

Featured articles on lowem.log :

1. Book review : Shut Down by William Flynn
2. Singapore electric cars testing starts with 9 electric vehicles
3. Honda, GS Yuasa JV to make lithium-ion batteries for 2010/2011 Honda Civic Hybrid
4. 2010 Honda Civic Hybrid preliminary specifications released
5. 2010 Honda CR-Z hybrid, 2010 Honda Fit/Jazz hybrid models confirmed
6. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
7. NYMEX crude oil recovers from $32.40 low after 2.2 mbpd OPEC production cut announced
8. Singapore : Nuclear power not ruled out