The Myth of Chinese Savings  

Oleh:

Anderson, Jonathan

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: Far Eastern Economic Review vol. 172 no. 9 (Nov. 2009), page 24.
Topik: China; Economy; Mainland Households; Domestic Savings; Consumption

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Perpustakaan Pusat (Semanggi) Nomor Panggil: FF21.22 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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If there's one thing that absolutely everybody in the global community seems to know, it's that China's economy has been seriously imbalanced for the past five years—and that fixing the problem means fixing the Chinese consumer. Mainland households are no longer counted among the world's poorest but they still generate annual income of less than $4,000 per head, less than one-tenth of what their counterparts in the United States enjoy. The incongruous vision of low-income Chinese families scrimping and saving in order to subsidize the insatiable American consumer has become so firmly engrained in the collective consciousness that it is no longer taken as a point of debate, but rather as a fundamental truth. As a result, much of the "A-list" of the global economics and policy industry, from the U.S. Treasury to the IMF, the OECD, McKinsey, Goldman Sachs and any number of venerable think tanks, has been generating long lists of recommendations aimed at beating down China's excessive household savings. These mostly involve improvements in the domestic social safety net, consumer finance and agricultural reforms. Global financial investors also have been busily positioning themselves for an inevitable take-off in Chinese consumption, cheered on by broker reports of latent potential waiting to be unleashed as the mainland "turns the corner" from a savings-oriented to a consumer-driven economy.

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