China wants folks to save less, spend more

Oct. 7, 2005 at 10:38 AM
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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.

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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