Friday January 20, 2006 
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]
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