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High Savings Linked To Income Growth - Analysts

CHINA PRESS

Residents are continuing to save more in Q1 and will switch to consumption only after income levels recover, Yicai news agency said. Household deposits increased by CNY6.2 trillion in January, CNY792.6 billion in February, and CNY2.9 trillion in March, according to The People’s Bank of China data. Lower and middle income wages will increase this year as the economy recovers and this will drive consumer demand, an analyst said.

MNI Beijing Bureau | lewis.porylo@marketnews.com
MNI Beijing Bureau | lewis.porylo@marketnews.com

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