Levin Zhu, President and CEO of China International Capital Corporation, said on China Central Television’s (CCTV) morning financial program that, over the past 10 years, China’s economy has maintained steady growth, but the growth of the Chinese people’s real income has been declining. Personal savings account for only 10% of national savings. This is not conducive to stimulating a consumer-driven economy. Only by raising the people’s income level as quickly as possible, can consumption play the role of boosting the economy.
Levin Zhu is the son of former Premier Zhu Rongji. Last July, Fortune magazine named him one of "Asia’s 25 most Influential Business Leaders."
Source: Website of China Securities Journal, re-posted by www.sohu.com, July 25, 2013