Since the end of 2008, there has been a discrepancy between the deposit growth rate of China’s corporate saving and household saving. Corporate deposit growth touched a bottom in Q4 2008 and continues to go up ever since. On the other hand, Household deposit growth continued to come down since the similar time. It reflects well a consequence of the government’s stimulus program: with a super low lend rate, corporations are awash with idle cash that they are happy to deposit back to the banks, while at the same time, consumers are encouraged to take out their saving and spend it in shopping malls, travelling and supermarkets.

自从08年年底以来，公司和家庭的存款增长率出现了截然相反的增减趋势。公司存款率从12月份以来一路上升，达到了历史新高。而家庭存款率一路下跌，目前已经跌到了历史平均水平。这样的情况应该是政府刺激政策的效果之一：公司储蓄由于低利率快速增加，同时投资增加，而个人储蓄由于消费上升而出现减少，正中政府下怀。

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