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Savings not a top mainland concern
By Zhang Fengming |
January 8, 2009, Thursday
|
Print Edition
Print Edition
CONSUMERS on the Chinese mainland are the least concerned about saving in the Asia Pacific region, with their strong willingness to spend backed by the country's strong economic momentum, according to an industry report.
About 77 percent of respondents on the mainland said they were concerned about saving while the average for the region was more than 87 percent, MasterCard Worldwide said yesterday.
It surveyed about 6,000 people in 14 markets in the Asian Pacific region in September and October.
About 58 percent of mainland respondents saved for a rainy day while the figure for the region as a whole was more than 65 percent.
Of the under 30s, only 5 percent of mainland respondents were concerned about saving for retirement. But the figure rose to 100 percent for those divorced or widowed.
The report found Chinese mainland households were willing to spend, in contrast to the traditional image of saving almost every penny possible for medical care and retirement.
Corporate savings were the major part of China's mounting savings, said Hedrick Wong, economic advisor of MasterCard yesterday, a view shared by Fan Gang, an advisor to the People's Bank of China, the central bank.
Fan said that mainland consumers were willing to spend more but did not have enough disposable income.
Their consumption-to-disposable income ratio was about 70 percent, Fan said.
The Chinese mainland's strong economy momentum was part of the reason for the strong willingness to spend money, Wong said.
Fan said it wouldn't be a problem for the mainland to achieve 8 percent economic growth this year.
China's policy makers are ready to prevent an economic slump and will take "large-scale action" to support growth if necessary, Fan said.
The Chinese mainland had the lowest debts-to-economy proportions among the major economies, leaving it ample room to issue bonds if needed.
The central government has announced a massive 4-trillion-yuan (US$586 billion) package to stimulate the economy, with a major focus on infrastructure investment. This year, most investment will be government driven while corporate investment will pick up in 2010, said Fan.
About 77 percent of respondents on the mainland said they were concerned about saving while the average for the region was more than 87 percent, MasterCard Worldwide said yesterday.
It surveyed about 6,000 people in 14 markets in the Asian Pacific region in September and October.
About 58 percent of mainland respondents saved for a rainy day while the figure for the region as a whole was more than 65 percent.
Of the under 30s, only 5 percent of mainland respondents were concerned about saving for retirement. But the figure rose to 100 percent for those divorced or widowed.
The report found Chinese mainland households were willing to spend, in contrast to the traditional image of saving almost every penny possible for medical care and retirement.
Corporate savings were the major part of China's mounting savings, said Hedrick Wong, economic advisor of MasterCard yesterday, a view shared by Fan Gang, an advisor to the People's Bank of China, the central bank.
Fan said that mainland consumers were willing to spend more but did not have enough disposable income.
Their consumption-to-disposable income ratio was about 70 percent, Fan said.
The Chinese mainland's strong economy momentum was part of the reason for the strong willingness to spend money, Wong said.
Fan said it wouldn't be a problem for the mainland to achieve 8 percent economic growth this year.
China's policy makers are ready to prevent an economic slump and will take "large-scale action" to support growth if necessary, Fan said.
The Chinese mainland had the lowest debts-to-economy proportions among the major economies, leaving it ample room to issue bonds if needed.
The central government has announced a massive 4-trillion-yuan (US$586 billion) package to stimulate the economy, with a major focus on infrastructure investment. This year, most investment will be government driven while corporate investment will pick up in 2010, said Fan.
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