|BBC Blasts Chinese for Saving Money|
|by Tom McGregor||Mon, Jan 20, 2014, 07:55 PM|
BEIJING: The Chinese are considered admirable for saving money. They will sacrifice short-term gains to boost their nest eggs. Nevertheless, the BBC News is denouncing the Chinese for saving their cash and not becoming credit card-crazed debt spending shopaholics.
The BBC News reports that, "A very courageous Chinese government might have taken the opportunity to engage in the kind of "demand rotation" that it and the world really needed - namely to put through big reforms which would have encouraged its 1.3 billion people to consume and spend much more."
Robert Peston, a business editor for BBC News, argues that the Chinese should stop saving their money and engage in spending sprees.
According to the BBC News, "If there had been a significant rise in the share of the Chinese economy represented by consumption, from a third to nearer the two-thirds of mature decadent economies such as ours and that of the US, China's long term growth prospects would have been enhanced - and the stagnation of our economies would not have been so elongated, because there would have been much better opportunities for our own exporters."
And of course, the BBC News encourages Beijing to adopt EU-style welfare programs too.
To read the entire article from the BBC News, link here:
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