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In the last several decades, China has been experiencing dramatic economic
development and institutional transition. One notable feature in this period is
its very high saving rate. Although it is controversial whether high saving rate
is beneficial to the economy or not, a fact widely accepted is that the high
saving rate has been playing an important role in shaping Chinas economy.
But why do Chinese save so much? In this book, we try to analyze Chinas
saving using the overlapping life cycle model, where the basic model is
revised to better match Chinas reality. Two dominant facts are...