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Savings on the minds of Chinese

By Chen Jia (China Daily)
Updated: 2008-12-17 08:09

As the global economic downturn begins to bite, at least three in four Chinese place a high value on saving, according to a survey published on Tuesday.

The research, conducted by MasterCard Worldwide, found that 77 percent of Chinese think saving is either "important" or "very important".

However, they are less likely to save than those living in 13 other Asia-Pacific countries and regions, the survey showed.

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The average for the 14 countries and regions surveyed was 88 percent.

People in Indonesia and the Philippines showed the most propensity to save, with 95 percent thinking it was important or very important, the survey said.

Overall, people earning less than $10,000 a year were also more likely to save, it said.

Hedrick Wong, economic advisor to MasterCard Worldwide in the Asia-Pacific region, said yesterday: "The strong tendency for people in Asia-Pacific regions to save is a direct reflection of their perception of economic uncertainty and their experiences of the recent market volatility.

"Everything else being equal, this is the single most important factor that determines whether consumer spending will go up or down in the next 12 months," he said.

Many Asian consumers are no longer spending on expensive items like electronics and cars, but are opting instead to splash out on entertainment and socializing, Wong said.

Han Meng, a researcher with the institute of economics under the Chinese Academy of Social Sciences, told China Daily yesterday: "The government's policy of cutting interest rates has directly influenced consumers' decisions to spend or save.

"Chinese consumers are far more likely to invest when they feel the domestic market was stable," he said.

Improved skills in managing money and an awareness of the risks of the financial crisis also help explain their current desire to save, Han said.

However, people will continue to spend on education, real estate and travel in the New Year, he said.

Guo Liang, a senior manager with a Beijing-based architectural firm said: "Saving is not my first choice, as I'm considering buying a second apartment.

"I'm also waiting for the stock market to improve before investing," he said.

The survey found that people over 30 in all 14 countries and regions were more likely to save.

Wang Yeping, a 56-year-old Beijinger, told China Daily: "Although interest rates are low at the moment, I still prefer to save my money in a bank, as that's the least risky."

The MasterCard study included interviews with 6,019 people in Australia, the Chinese mainland, Hong Kong, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Taiwan, Thailand and Vietnam.