NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Shaojie Zhou

Tsinghua University

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NBER Working Papers and Publications

November 2012Why Are Saving Rates So High in China?
with Dennis Tao Yang, Junsen Zhang
in Capitalizing China, Joseph Fan and Randall Morck, editors
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.
February 2011Why Are Saving Rates so High in China?
with Dennis Tao Yang, Junsen Zhang: w16771
In this paper, we define "The Chinese Saving Puzzle" as the persistently high national saving rate at 34-53 percent of gross domestic product (GDP) in the past three decades and a surge in the saving rate by 11 percentage points from 2000-2008. Using data from the Flow of Funds Accounts (FFA) and Urban Household Surveys (UHS) supplemented by the findings from existing studies, we analyze the sources and causes of China's high and rising saving rates in the government, corporate, and household sectors. Although the causes of China's high saving are complex, we suggest that the evolving economic, demographic, and policy trends in the internal and external environments of the Chinese economy will likely lead to a decline in national saving in the foreseeable future.

Published: Why Are Saving Rates So High in China?, Dennis Tao Yang, Junsen Zhang, Shaojie Zhou. in Capitalizing China, Fan and Morck. 2013

 
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