Apart from accounting for the global divergence in savings rates, tight credit constraints in China might explain the country’s high, and rising, savings rate – especially as the large rise in national savings is attributable mostly to household savings. This would mean that China’s much-publicized effort to boost domestic consumption might in fact call for appropriate credit-market reforms.
除了考虑在储蓄率方面的全球差异之外，中国的严格信贷限制可能有助于解释该国较高且不断增加的储蓄率——尤其是巨额国家储蓄主要来自于家庭储蓄的情况下。这将意味着中国大肆宣扬的刺激国内消费计划可能需要呼唤适当的信贷市场改革。