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cross-posted from: https://lemmy.zip/post/51080694
Household savings rose by 2.96 trillion yuan ($415.5 billion) in September, the most since March
The renewed build-up of savings may deprive the stock market of a key source of support
The issue for China is that it needs people to purchase the goods that it makes to pay off the country’s sky high debt. Consumption form the USA is going to drop for various reasons, so domestic consumption was likely seen as a way to replace dropping international consumption.