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China's savings rate world's highest


08:22, November 30, 2012

(CNTV screenshot)

CCTV reporter Han Peng

Latest figures from the IMF show that China’s personal savings rate has become the world’s highest. At more than 50 percent, it’s well above the global average of 20 percent. Experts say the high savings rate could hurt China’s economy because it reduces consumption.

Every month when Song Xiaoxu gets his paycheck, the first place he goes to is the bank.

The 25-year-old saves over half his salary, preparing to pay for something that still hasn’t come into shape.

Song Xiaoxu, clerk, said, "I’ve worked for two years. Now I should be settling down. I’m planning to buy an apartment here when it’s built. But it’s too expensive for people like me. My whole family, including my grandparents, are all saving money for me for the down payment. And then I’ll still have to save money to pay the mortgage."

Song is just one of the over a billion Chinese money savers.

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