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Interest Tax and Savings Deposits Decreased in May
China's interest tax amount in May stood at 1.149 billion yuan, 1.49 million yuan cut than April, or 11.47% less, as is reported from relevant departments of the state.
Residents' savings deposits also showed a decline. Statistics from Bank of China indicate that savings deposits by rural and urban residents stood at 6219.5 billion yuan at the end of May, a 5.5% increase over the same period last year, but 1.6% less than April. Total savings deposits decreased by 34.1 billion yuan, 94 billion yuan less than the same month last year.
The reasons for a decline of bank deposits mainly lie in an active stock market and hot sale of State treasury bonds, which prompted many residents to turn savings into investments. Residents' savings deposits will become a capital source of stock markets in the near future. Meanwhile, due to the development of holiday economy consumption expanded and this has also contributed to a decrease of residents' savings deposits in banks in China.
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