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People's Daily Online>>China Society

China's savings rate to remain high (2)

By Wang Chong (China Youth Daily)

15:04, November 21, 2011

Another reason why Chinese like to save money lies in the lack of private investment channels. According to a report by the Hong Kong Commercial Daily, an official at the central bank said that private lending forms a beneficial supplement to formal financial services and has proposed to give private lending institutional legitimacy. The newspaper quoted Zhou Jingtong, a senior economist at the Institute of International Finance under the Bank of China, as saying that once China lifts restrictions over private lending, at least 3 trillion yuan to 4 trillion yuan in private capital will flow into the credit market legally.

Foreigners have never neglected China as a large market, no matter if the Chinese people save or spend money. According to a report by Japan-based Sankei Shimbun, many earthquake-affected small and medium-sized Japanese enterprises are worried about soft domestic consumption and a drop in the number of tourists. More and more small and medium-sized Japanese enterprises are seeking to survive by developing the Chinese market.

The United States is concerned about increasingly prosperous and powerful China. Bloomberg said rapidly growing China is not interested in wars or politics but economic growth. China deserves to be attractive after undergoing the greatest transformation in the human history and is a country that the United States should learn from rather than fear. For the United States, perhaps "the only thing we have to fear is fear itself."

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