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FT Confidential Research

China's economy cannot count on consumers

Households save more as economic uncertainty builds

 A woman walks past a clothing stall in the business area of Ruzhou county in central China's Henan province.   © Reuters

Chinese consumers are responding to a slowing economy by saving more and putting less money into risky assets, FT Confidential Research data show. Although the government is cutting income tax to boost consumption, the extra take-home pay is likely to wind up on deposit as consumers become more nervous.

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