China is likely to have a financial crisis, as its citizens’ savings growth rate turned negative last year for the first time, according to a Chinese financial expert.
According to the statistics from the Central Bank of China, from January to November 2017, citizens’ savings increased by 3.82 trillion yuan ($608 billion). Compared to the increase of 4.54 trillion yuan ($723 billion) during the same period in 2016, savings decreased more than 700 billion yuan ($115 billion)—almost 16 percent.
