It's not as if the Chinese have been parsimonious. In the past decade or so, retail sales have been growing at a frenetic pace, the market for luxury goods has witnessed the highest growth in the world, cars have become commonplace and property prices driven to stratospheric levels.
“money borrowed at today's stratospheric rates of interest.”
People salt money away for children's education, medical bills and retirement.
The farmer's wife salted a lot of fish and hams away for the winter.
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