In the last decade, the average real (inflation-adjusted) return on deposits has been near zero. With about 80% of Chinese household savings deposited in banks, this implicit tax on savings has had a major economic impact, reinforcing Chinese households’ tendency to save and thus undermining consumption growth and exacerbating global imbalances.
这一现象也可以主要归咎为扭曲性政策。为了限制劳动力成本的上升，工资被抑制，在过去20年中每年只增加5%，尽管生产率增长年率高达8.5%。与此同时，金融抑制降低了资本成本。在过去十年中，存款平均真实（经通胀调整）回报接近于零。中国家庭储蓄中有大约80%是银行存款，这一隐性存款税带来了巨大的经济影响，强化了中国家庭的储蓄倾向，从而削弱了消费增长、恶化了全球失衡。