Michael Pettis(@michaelxpettis):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."

Michael Pettis

@michaelxpettis

Senior Fellow, Carnegie Endowment. For speaking engagements, please contact me at chinfinpettis@yahoo.com

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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."