April 9, 2014
Chinese Savers Can Change the World
Martin Wolf, Financial Times
The Associated Press
This year China’s gross national savings will be close to $5 trillion. US savings will be only $3 trillion. If, as planned, China were to open its capital account -- allowing foreigners to invest in China and the Chinese to invest abroad -- the scale of its savings would surely reshape global finance. Done well, liberalisation would bring huge changes. Done badly, it could shake the foundations of already fragile global finance.