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Thread: Forbes: China Is No. 1

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[quote=SUNNYDREAM,273329]Quote:
"According to the World Bank's latest figures, China saved 50% of its national income in 2007, by far the highest rate among the world's major developing or industrialized countries. That's a problem because it shows that economic growth is lopsided--too heavy on exports and investment, not enough consumption. China's citizens save about 25% of their net pay (in the U.S., this rate is less than 1%), but Beijing wants to see more spending, less saving."

I agree with you that  China is No.1 in National Savings Rate. The majority of Chinese people stilll have the old consumption concept. Saving money is lifetime cause in China. Just take "buying houses" as an example, in the past decades, three generations saved the money to buy  a house, only the grandchildren's generation can benefit( live in). By the day they could afford the house, grandparents and parents were going to say goodbye to the earth. The grandparents and parents mighted live in the slum for the whole life. Now, Chinese people have began learning "credit consumption". They began buying houses by mortgage and installment. However, most Chinese still like saving money instead of spending money. The old doctrine that thrift is a virtue still rooted in Chinese minds. Is the doctrine a good thing or bad thing? The new generation and older generations are greatly divided on this topic. 
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