Savings hit record but slowing

Household savings reached a new high of RMB 10.86 trillion at the end of October, RMB 1.42 trillion more than at the end of 2002, according to the PBOC. But government officials, who are hoping to increase consumer spending, pointed out that the savings growth rate had slowed from a year-on-year increase of 19.9 percent at the end of September to 18 percent year-on-year growth at the end of October.