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March 10, 2010

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Chinese the best savers in Asia

CHINESE people are the best savers in Asian markets, according to the latest industry survey.

They put 18 percent of their monthly salaries in the bank, said the HSBC Life Insurance survey. By comparison, Singaporeans save 16 percent of income, Koreans 14 percent and Malaysians 8 percent.

Despite the high savings rate in China, 69 percent of respondents said they didn't think they were saving enough and 42 percent said they would save more in future.

"Chinese lack long-term retirement plans and the rising inflation expectations also make them short of confidence in bank savings though they saved a lot," said Terry Lo, chief executive officer of HSBC Life Insurance, in Shanghai yesterday.

About 51 percent of Chinese respondents said they added to their bank savings in the past 12 months, while 35 percent said they increased their property investments and 45 percent held more stock.

About 3,560 respondents took part in the survey in markets including South Korea, Singapore, India and Malaysia at the end of 2009. Chinese respondents were mainly from Shanghai, Beijing and Guangzhou.

Bank deposits, property and stocks dominate Chinese investors' portfolios but Chinese investors complain about lack of investment products, the survey found.


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