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China's Household Deposits Total 6284.2 Billion Yuan
The balance of household savings deposits in China totaled 6284.2 billion yuan at the end of June, up 348.7 billion yuan from the beginning of this year, according to an official source.
The increase was 231.8 billion yuan smaller than that of the same period in 1999, said Dai Xianglong, governor of the People's Bank of China, at a press conference held Wednesday.
He said that slowdown in household deposit growth was mainly attributable to the interest rate cuts, the attractiveness of government securities, the robust stock market and the recovery in consumption as well as the application of income tax to interest earnings and the introduction of the real depositor name requirement.
On the whole, he said, the reasonable diversion of household deposits has been a result of macroeconomic adjustment and is conducive to expanding consumer and capital markets.
Financing from stock market totaled 82.3 billion yuan in the first half of this year, representing an increase of 48 billion yuan over the same period of 1999, he added.
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