## People's Republic of China: Selected Issues

_IMF Staff Country Reports, August 15, 2017_

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**Canonical URL:** [People's Republic of China: Selected Issues](https://www.imf.org/en/publications/cr/issues/2017/08/15/people-s-republic-of-china-selected-issues-45171)

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## Bibliographic details
- Published: August 15, 2017
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484314722.002

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### Overview
- Publication date: August 15, 2017.
- Format: IMF Staff Country Reports; Country Report No. 2017/248.
- Pages: 77; Volume: 2017; Issue: 248.
- DOI: https://doi.org/10.5089/9781484314722.002.
- ISBN: 9781484314722; ISSN: 1934-7685.
- Summary focus: examines the drivers and prospects for high levels of savings in China and implications for external and internal imbalances.

### Key findings on national and household savings
- China has one of the highest levels of national savings in the world.
- High and rising household savings have mainly resulted from:
  - demographic changes as a result of the one-child policy; and
  - the breakdown of the social safety net during the transition from a planned to a market economy.
- These high savings are at the heart of China’s external and internal imbalances.

### Drivers of savings (as identified in the paper)
- Demographic changes driven by the one-child policy.
- Weak social safety net resulting from the transition from a planned to a market economy.
- Income distribution dynamics (implicit through mentions of income inequality).

### Prospects for savings
- Demographic changes will put downward pressure on national savings.
- No specific numeric projection for future savings rates is provided on the page; emphasis is on directional impact (downward pressure).

### Policy recommendations
- Strengthen the social safety net.
- Reduce income inequality.
- Aim of policies: to reduce savings further and faster and to boost consumption.

### Thematic subjects and keywords (as listed)
- Subject: Central bank policy rate, Expenditure, Financial services, Housing prices, Income, Income inequality, National accounts, Prices, Social assistance spending.
- Keywords: Asia and Pacific, Central bank policy rate, CR, debt, economy China, firm, firm value, Gini index well, Global, household saving, Housing prices, Income, Income inequality, ISCR, nonviable zombie, overcapacity firm, PBC, rate, restructured firm, saving, Social assistance spending, Southeast Asia.

*Source: People's Republic of China: Selected Issues (IMF Staff Country Reports, Country Report No. 2017/248), August 15, 2017.*

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- **Country Report**
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_Source: https://www.imf.org/en/publications/cr/issues/2017/08/15/people-s-republic-of-china-selected-issues-45171_