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China wants folks to save less, spend more

Oct. 7, 2005 at 10:38 AM

BEIJING, Oct. 7 (UPI) -- China's top central banker says Beijing must find ways to encourage domestic consumption as a way to cut the nation's trade surplus.

Zhou Xiaochuan, governor of the People's Bank of China, said the nation's ballooning trade surplus, likely to near $100 billion this year, is causing more and more friction with trading partners.

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Zhou said the best way to reduce the growing trade surplus was to boost consumption by Chinese and reduce the stubbornly high savings rate.

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