The increase in China's savings largely reflects economic uncertainty, rather than pent-up demand.
Chinese bank deposits increased by CN¥26.3 trillion ($3.9 trillion) last year, according to recent data from China’s central bank, the People’s Bank of China (PBOC). Spurred by China’s rigid COVID-19 containment strategy, which the government rolled back in December, household savings surged by CN¥17.8 trillion in 2022, growing by more than CN¥5 trillion in the last two months of the year alone.
To many Western economists and analysts, these so called “excess sa
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