Traditional explanations for the high savings rate (lack of a social safety net, limited public services, aging of the population, underdevelopment of consumer finance, etc.) are only part of the puzzle. Chinese consumers do not have a greater propensity to save than Chinese in Hong Kong, Singapore, and Taiwan; they all save about 30% of disposable income.
对于高储蓄率的传统解释（缺乏社会安全网，有限的公共服务，人口老化，消费信贷的不发达）只是这一迷局的其中一部分。中国大陆地区的消费者并不比香港，新加坡和台湾等地的同胞更倾向于储蓄——他们都同样会将大概30%的可支配收入存起来。但最大的区别在于家庭部门占中国GDP的比例小于50%，因此也只给消费留下了一个很小的空间。