China has the highest savings amount in the world. According to data released by the People’s Bank of China on February 22, in the past four years, Chinese households’ savings have increased by 58.2 trillion yuan, and 82% of it is in time deposits. The total amount of new deposits in the past four years is equivalent to the sum of the past ten years from 2009 to 2019. Especially in 2022 and 2023, the growth of Chinese households’ savings was particularly significant. Totalling 18 trillion yuan and 17 trillion yuan respectively, it was the two years with the highest recorded savings growth. For 1.4 billion people, the average increase in savings per person is 41,600 yuan per year. This means that Chinese people add an average of 10,000 yuan to their savings each year.
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Chinese Savings Increase 58 Trillion in Four Years? Why Ordinary People Feel Increasingly Poorer
