China has US $1.5 TRILLION in cash savings during the pandemic

China’s Year Of The Rabbit Holiday A Roaring Success, No Covid Surge & A Billion $ Box Office… 中國兔年假期大獲成功,沒有 Covid 激增和 10 億美元的票房… by Mario Cavolo, Jan 28 2023

Such good news, such a relief, so happy to be wrong…here’s a highlight update of our New Year holiday week here… China as hoped was well passed its Covid 19 peak with smaller number of cases than anticipated with far smaller number of cases than feared during the holiday nationwide as families traveled back to their hometowns and countryside…People’s lives are obviously and very much back to normal with a massive retail / leisure / travel rebound coming as we head into Spring in a few weeks WHEW!…Mr Ma #ChineseNewYear2023 I had genuinely feared Omicron was still too deadly and that if China opened, even the lower death rate would still mean a million dead or more, but the Chinese govt data had the accumulated data up to and through the Shanghai outbreak which told them and since confirmed that Omicron would not be so deadly. It hasn’t been which is a great relief…of course, ignore the western media reporting which as usual exaggerates the worst and accuses us of lying about everything…

Meanwhile, nuts to see these kinds of leisure spending numbers coming out!… China’s box office for the holiday week flies past ONE BILLION USD! Including Zhang Yi Mou’s Man Jiang Hong pushing close to US $400 million and Wandering Earth 2 surely hitting US $500 million, just incredible.

China’s Spring Festival Box Office Take Through the Roof…

As several analysts have reported, over the past pandemic lockdown years, Chinese households amassed an additional…get this… US $1.5 TRILLION in cash savings. Holy Guacamole Batman!…if you look at past years its even more impressive with China’s households adding around $ US 1 trillion per year to their bank accounts during the past three years….

I was one of the first to report on and talk about China’s massive cash savings hoard starting back around 2012 when my first book on China was published, Mario on Amazon , and since then, the numbers continue to grow at an unprecedented rate despite a variety of challenges…

Bloomberg, January, 2023 by ShuLi Ren – “Forced to stay home because of the government’s Covid-Zero policy, Chinese consumers saved one-third of their income last year, depositing 17.8 trillion yuan ($2.6 trillion) into banks. That’s extreme, even for the famously thrifty nation. Before the pandemic, households put away roughly 17% of their earnings.”

At Shanghai Daily online we have this chart …

According to Nikkei Asia nearby Japan & Hong Kong are gearing up for an expected tourism rush from the mainland in the coming months….

Above: People visit the Jiaxiu Pavilion in Nanming District of Guiyang City, southwest China’s Guizhou Province

That’s all for now friends…surely more to come in the Year of the Rabbit, Mario

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