That’s true across the whole Chinese economy. Chinese homeowners hold much more equity than their US counterparts; Chinese corporations hold much more cash than their US counterparts; and China’s government lends trillions of dollars to the rest of the world while the US government borrows trillions of dollars from the rest of the world. In econo-speak, China has the world’s highest savings rate—nearly 50% of personal income vs. a world average of 22%.
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