NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Why Are Saving Rates So High in China?

Dennis Tao Yang, Junsen Zhang, Shaojie Zhou

Chapter in NBER book Capitalizing China (2013), Joseph P. H. Fan and Randall Morck, editors (p. 249 - 278)
Conference held December 15-16, 2009
Published in November 2012 by University of Chicago Press
© 2013 by the National Bureau of Economic Research

This chapter examines the high savings rate in China, beginning with an overview of the major trends in Chinese national saving in the past three decades. Drawing data from the World Development Indicators, China's Flow of Funds Accounts, and other sources of aggregate statistics, it compares the aggregate saving in China with that of representative economies and major country groups. The chapter then considers the factors behind the rising savings of the government, corporate, and household sectors, focusing on the period of 1999 to 2007.

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This paper was revised on May 30, 2014

Acknowledgments and Disclosures

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This chapter first appeared as NBER working paper w16771, Why Are Saving Rates so High in China?, Dennis Tao Yang, Junsen Zhang, Shaojie Zhou
Commentary on this chapter: Comment, Leslie Young
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