> High saving rates must be cultural and not just a result of not having the ability to spend the money.
You can see this too in the generation that lived through the Great Depression, and some carry-over into the next one.
OTOH those who grew up in boom times tend to take on unhealthy amounts of debt (esp credit card, for weddings and vacations, and fancy cars) and have to struggle to learn to live within their means.
China has had a lot of rough times to until relatively very recently, and much of the country hasn't shared in a lot of the economic growth.
You can see this too in the generation that lived through the Great Depression, and some carry-over into the next one.
OTOH those who grew up in boom times tend to take on unhealthy amounts of debt (esp credit card, for weddings and vacations, and fancy cars) and have to struggle to learn to live within their means.
China has had a lot of rough times to until relatively very recently, and much of the country hasn't shared in a lot of the economic growth.