People choose clothes at Joy City shopping centre in Beijing on January 31. There are fears the increase in household savings in China reflects economic uncertainty rather than pent-up demand. Photo: EPA-EFE
People choose clothes at Joy City shopping centre in Beijing on January 31. There are fears the increase in household savings in China reflects economic uncertainty rather than pent-up demand. Photo: EPA-EFE
Prof Zhang Jun
Opinion

Opinion

Prof Zhang Jun

China’s huge household savings no guarantee of economic recovery via ‘revenge spending’

  • Stuck at home during repeated lockdowns as part of the country’s zero-Covid policy, Chinese households amassed trillions in savings last year
  • Some are pinning hopes of economic recovery on ‘revenge spending’, but those savings could be a sign of uncertainty rather than pent-up demand

People choose clothes at Joy City shopping centre in Beijing on January 31. There are fears the increase in household savings in China reflects economic uncertainty rather than pent-up demand. Photo: EPA-EFE
People choose clothes at Joy City shopping centre in Beijing on January 31. There are fears the increase in household savings in China reflects economic uncertainty rather than pent-up demand. Photo: EPA-EFE
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