English
Specials
    Upgrade
    MoneycontrolBe a PRO
    Moneycontrol PRO
    you are here: HomeNewsOpinion

    China’s record $2.6 tn rise in savings fuels ‘revenge spending’ hopes

    Doubts linger over consumers’ willingness to deploy ‘excess’ deposits

    Financial Times
    ©The Financial Times Limited 2020 Jan 24, 2023 / 11:45 AM IST
    All Rights Reserved. FT and Financial Times are trademarks of the Financial Times Limited Not to be redistributed, copied or modified in any way.
    China’s record $2.6 tn rise in savings fuels ‘revenge spending’ hopes

    Some “revenge” spending by high-income groups is already visible in cities such as Beijing, but consumption overall is likely to be moderate. (Representative Image: Reuters)

    Cheng Leng and Hudson Lockett in Hong Kong Chinese households are sitting atop the biggest pool of new savings in history — accumulating $2.6tn of bank deposits last year alone as strict anti-coronavirus policies crushed consumer spending. The anticipation of a wave of pent-up demand, with consumers opening their wallets after China shifted decisively on tackling the pandemic, is underpinning hopes for a global economic recovery. Yet the world may be misjudging China’s willingness to spend, according to some analysts, who said...

    • PRO Panorama

      Moneycontrol Pro Panorama | Another challenge for capex revival

      May 29, 2023 / 03:21 PM IST

      In today’s edition of Moneycontrol Pro Panorama: China’s attempt to assert dominance won’t succeed, another military dictato...

      Read Now

    To read the full story, Subscribe to Moneycontrol PRO

    Access the exclusive stories, weekly investment ideas and daily technical calls in an Ad free experience

    View Plans

    Already a member? Sign in

    Limited Period offer on Moneycontrol PRO. Subscribe to PRO and get up to

    50% OFF

    What Do You Get

    • Ad free experience

      Experience a non-intrusive navigation and faster response in the ad free mode

    • Sharpest Opinions

      Access to 230+ exclusive stories per month from our editorial and Experts

    • +

      Have a Global edge with access to content from world renowned experts and journalist

    • Actionable Insights

      Access to 40+ weekly investment ideas including 4 daily technical calls

    • Virtual Events

      Exclusive access to live webinars from market experts on trading and investment strategies

    • Newsletters

      Daily and weekly insights bundled and sent to your inbox to keep you ahead in the race.

    View Offers

    Get upto 50% discount on limited period offers