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Jan Retail Savings Up, Consumption Policies Needed


More policy stimulus is needed to convert excess savings into consumption, as January saw retail deposits increase, according to the Securities Times Network. Bank deposits increased by CNY1.6 trillion in January, as residents remain wary of the economic recovery, volatile stock prices, and a depressed real estate sector, the paper said. In order to convert savings into consumption, greater use of spending vouchers should be used to stimulate demand for consumer products and automobiles. Looser monetary conditions would increase the value of the stock market and boost confidence. Finally, increasing social security in the form of pensions, medical treatment and education is needed to reduce the high savings culture in China.

MNI Beijing Bureau |

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