The Chinese Saving Puzzle and the Life-Cycle Hypothesis
利用官方数据，基于生命周期假说分析中国高储蓄率现象，发现收入增长是主因，人口结构和通胀也有显著影响。
China's per capita income ranks below 100th in the world. Its saving rate, however, has been one of the highest worldwide in recent decades. In this paper, we attempt to explain the seeming paradox within the framework of the Life-Cycle Hypothesis developed by Franco Modigliani. The key LCH variables are income and population growth. Our results based on data we put together from official sources show that income growth has been the dominant factor behind the dramatic increase in China's saving rate, as predicted by the LCH. Demographic structure and inflation also had significant impact on the fluctuations of the saving rate.