BEIJING: Economists and market experts may talk about the need to steer China’s economic growth by unleashing the spending power of one billion consumers, but the average Chinese just doesn’t seem to be in the mood to go shopping.
By the end of May, personal bank savings had jumped 17.4% to a record 15.4 trillion yuan (RM7.1tril). Economists have put China’s personal savings rate (PSR) at more than 30%.
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