A news piece from last year about an elderly Chinese man whose life savings were eaten by mice tells us two things firstly, that the stove, as in 80-year-old Yang Lihong's case, isn't exactly a safe piggy bank. Secondly, and more importantly, it highlights the norm among Chinese households to stash away cash with the intention of saving for a rainy day.
Thrift is a value promulgated throughout much of Asia, especially China, and that in large part explains the country's high savings rate, estimated at around 40% of gross domestic product. Consumerist culture has no doubt caught up in recent years, but for the Chinese economy as a whole, the propensity to save...
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