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China: Savings rate no.1 among 7 major Asian markets

A survey by HSBC Life Insurance shows mainland Chinese have the highest savings rate of seven major markets in Asia and put an average 45 percent of their earnings away in bank accounts or investments in insurance, stocks and funds.

The survey, carried out in December with 3,563 respondents aged between 35 and 65, showed mainland Chinese were thriftier than Koreans, who put away 39 percent of their earnings, and Taiwanese, who saved 37 percent. Indians and Singaporeans both saved 34 percent while Hong Kongers ranked the second last among the seven markets with a saving rate of 33 percent. That was only better than Malaysians, who saved 25 percent.

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