Caixin
Jun 11, 2022 05:40 PM
FINANCE

Chinese Household Savings Grow as Covid Restrictions Curb Spending

 A bank employee counts Renminbi banknotes in Taiyuan, North China’s Shanxi province in August 2020. Photo: Zhang Yun/China News Service, VCG
 A bank employee counts Renminbi banknotes in Taiyuan, North China’s Shanxi province in August 2020. Photo: Zhang Yun/China News Service, VCG

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.

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