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Traditions of Saving and Consuming in China
at 2005-12-04 19:53:53
The American consumer and the Chinese saver have become twin engines of the global economy. Chinese currently save 40 percent of their Gross Domestic Product, allowing Beijing to buy U.S. treasury bonds. That in turn allows Americans to borrow and consume far more than they earn and produce. But some economists say China's unnaturally high savings rate retards domestic consumption. Only when Chinese feel more confident about social security, health and education costs, they say, will they open up their wallets more freely.
Blog Source - http://www.npr.org/rss/rss.php?id=1018
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