China’s economy is showing signs of recovery: wages are rising, growth is steady, and stimulus is flowing. But for Li, the decision to cut back stems from a lingering sense of uncertainty, an instinct now driving millions to spend less and save more. The numbers bear it out. China’s per capita saving rate hit 34.3% in 2022 — the highest in a decade. While it has declined slightly since, the rate remains well above pre-pandemic levels. Similar spikes were seen around the world at the time, but in China, the pattern has stuck.
onsdag 23. april 2025
Behind China’s Growth Numbers, a Nation Still Saving
When Li Rui was earning 30,000 yuan ($4,000) a month from part-time jobs, he burned through most of it on gadgets, takeout, and nights out. Now, as a full-time Ph.D. student in Beijing living on just 5,000 yuan in bursaries and scholarships, he saves more than ever. “I’m saving more than 60% of my income now,” says the 27-year-old. “Before, it was only about 20%, if that.”
China’s economy is showing signs of recovery: wages are rising, growth is steady, and stimulus is flowing. But for Li, the decision to cut back stems from a lingering sense of uncertainty, an instinct now driving millions to spend less and save more. The numbers bear it out. China’s per capita saving rate hit 34.3% in 2022 — the highest in a decade. While it has declined slightly since, the rate remains well above pre-pandemic levels. Similar spikes were seen around the world at the time, but in China, the pattern has stuck.
China’s economy is showing signs of recovery: wages are rising, growth is steady, and stimulus is flowing. But for Li, the decision to cut back stems from a lingering sense of uncertainty, an instinct now driving millions to spend less and save more. The numbers bear it out. China’s per capita saving rate hit 34.3% in 2022 — the highest in a decade. While it has declined slightly since, the rate remains well above pre-pandemic levels. Similar spikes were seen around the world at the time, but in China, the pattern has stuck.
