Brad Setser(@Brad_Setser):Constructive suggestions from HSBC. Need to start somewhere. and frankly the policy goal should be to get the migrant savings rate down under 20% (with higher basic pensions reducing the need for low i come workers to save current income)

Brad Setser

@Brad_Setser

CFR senior fellow. Views are my own. Writes on sovereign debt, trade, fx reserves and capital flows.

参加 May 2016

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Brad Setser@Brad_Setser

2026.09.11 10:19

Constructive suggestions from HSBC. Need to start somewhere. and frankly the policy goal should be to get the migrant savings rate down under 20% (with higher basic pensions reducing the need for low i come workers to save current income)

Michael Pettis@michaelxpettis

2026.09.11 07:04

1/3 SCMP: "HSBC estimated that lowering the high precautionary savings rate of migrant workers from 54% to 45% – closing half the gap with registered urban residents – could unlock 637 billion yuan in additional spending a year, equivalent to roughly 0.5% of annual GDP."