Chinese Household Savings Grow as Covid Restrictions Curb Spending

Chinese households saved more in the first five months, as harsh Covid-19 restrictions and a continued slowdown in growth of family assets caused by the pandemic that started more than two years ago curbed spending.

In the January-to-May period, household savings increased by 7.86 trillion yuan ($1.17 trillion), about 50.6% more than the increase in the same period last year, according to data released on Friday by the People’s Bank of China, the country’s central bank.