Word: consumerized
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Yet whether or not they will buy remains an open, and crucial, question. Even though Chinese are becoming wealthier, they are actually saving a greater percentage of that new wealth. Cornell University economist Eswar Prasad figures that China's average urban household saving rate reached 28% of disposable income in...
The problem, says Hedrick-Wong and other economists, is that the average Chinese still faces too much uncertainty about the future to spend more freely. China's social safety net systems remain weak, forcing Chinese families to squirrel away large sums to care for elderly parents, pay rising medical bills...
Yet economists say Beijing's measures aren't going far enough. Huang Yasheng, professor of political economy at the MIT Sloan School of Management, says that the government needs to do much more to accelerate the income growth of poor Chinese if consumer spending is to play a bigger role...
Such efforts will take years to bear fruit, however time the global economy may not be able to afford. Economists agree that China and the United States must alleviate the imbalances that contributed to the current crisis if the world economy is to find renewed, and healthier, growth. China saves...
In China, the household-savings rate exceeds 20%. It is partly for straightforward policy reasons. As we've seen, wage earners are expected to care for not only their children but also their aging parents. And there is, to date, only the flimsiest of publicly funded health care and pension...