Basically, that means that the total household savings is more than the entire GDP of china. Just wow! That could potentially unleash more than expected GDP growth in the future as those savings can be invested into the Chinese economy or spent domestically. or to be more precise, GDP growth could be higher in the coming years, assuming people start spending or investing domestically, compared to previous years when people saved up for the future.
Why Chinese millennials and Gen Z can lie flat…
Also, China's youth unemployment problem is greatly exaggeratedly, considering China also has one of the word's highest home ownership of more than 90%, as well as the huge household savings.
However, it remains extremely difficult for young people in China to afford a home in cities solely through their salaries. Young adults from ordinary families often require substantial financial support from their parents to start a household. My former boss once lamented this very issue: "In China today, it's the middle-aged and elderly who hold the wealth, while young people have barely a penny to their name!" I hope that China's high-quality growth over the next five to ten years will create more decent, high-paying jobs for the younger generation.
Young adults have two parents and four grandparents though and unlike Western boomers they actually care about their kids, hence people lying flat.