TAILIEUCHUNG - BIS Working Papers No 312 China’s high saving rate: myth and reality

The role of financial regulation in influencing the development of corporate governance principles has become an important policy issue that has received little attention in the literature. To date, most research on corporate governance has addressed issues that affect companies and firms in the non-financial sector. Corporate governance regulation in the financial sector has traditionally been regarded as a specialist area that has fashioned its standards and rules to achieve the overriding objectives of financial regulation - safety and soundness of the financial system, and consumer and investor protection. In the case of banking regulation, the traditional. | BANK FOR INTERNATIONAL SETTLEMENTS BIS Working Papers No 312 China s high saving rate myth and reality by Guonan Ma and Wang Yi Monetary and Economic Department June 2010 JEL classification E20 E21 O11 O16 O53 Keywords Saving corporate household and government saving Chinese economy BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements and from time to time by other economists and are published by the Bank. The papers are on subjects of topical interest and are technical in character. The views expressed in them are those of their authors and not necessarily the views of the BIS. Copies of publications are available from Bank for International Settlements Communications CH-4002 Basel Switzerland E-mail publications@ Fax 41 61 280 9100 and 41 61 280 8100 This publication is available on the BIS website . Bank for International Settlements 2010. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISSN 1020-0959 print ISBN 1682-7678 online China s high saving rate myth and reality Guonan Ma and Wang Yi1 Abstract The saving rate of China is high from many perspectives - historical experience international standards and the predictions of economic models. Furthermore the average saving rate has been rising over time with much of the increase taking place in the 2000s so that the aggregate marginal propensity to save exceeds 50 . What really sets China apart from the rest of the world is that the rising aggregate saving has reflected high savings rates in all three sectors - corporate household and government. Moreover adjusting for inflation alters interpretations of the time path of the propensity to save in the three sectors. Our evidence casts doubt on the proposition that distortions and subsidies account for China s rising corporate profits and high saving rate. Instead we argue that tough corporate restructuring including pension

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