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The Oxford Companion to the Economics of China$
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Shenggen Fan, Ravi Kanbur, Shang-Jin Wei, and Xiaobo Zhang

Print publication date: 2014

Print ISBN-13: 9780199678204

Published to Oxford Scholarship Online: December 2014

DOI: 10.1093/acprof:oso/9780199678204.001.0001

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China’s high saving puzzle

China’s high saving puzzle

Chapter:
(p.190) 28 China’s high saving puzzle
Source:
The Oxford Companion to the Economics of China
Author(s):

Guonan Ma

Dennis Tao Yang

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199678204.003.0029

This chapter examines China’s extraordinarily high and rising savings rate. China saves more than half of its GDP, exceeding all Organization for Economic Co-operation and Development (OECD) economies and ranking the highest among all global economies of significant size. China is an outlier in the prediction of aggregate saving from a wide range of empirical models. The chapter considers the key driving forces behind the high savings rates of government, corporate, and household sectors as well as their interactions. It looks at the prospects for China’s gross national saving rate and the policies useful for rebalancing the Chinese economy.

Keywords:   aggregate savings rates, sectoral income distribution, economic imbalances, economic policy

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