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    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...

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