Photo: iStock

The coastal province of Guangdong leads the nation in household savings, according to a new report by the National Bureau of Statistics recently, Yicai.com reported on Wednesday.

China’s household savings rose 9.9% in 2016 compared to a year earlier, clocking in at 60.65 trillion yuan (US$ 9.23 trillion), with Guangdong coming in tops at 5.9 trillion yuan, 1.5 trillion yuan more than second-placed Jiangsu (4.4 trillion yuan). Shandong is third at 4.17 trillion yuan.

Guangdong has Shenzhen and Guangzhou — the two economic powerhouse cities — as being likely contributors to the high household savings in the province, the report said. The number of high incomes in the province is also higher compared to other provinces.

Liaoning, a province in North-eastern China, also came in at ninth, even as its provincial GDP was 14th last year. This can be attributed to the high number of civil servants in Liaoning, who are comparatively more conservative than people in the private sector and are more likely to save than to invest their money, the report said, citing an economist from Xiamen University.

The National Bureau of Statistics also showed that Zhejiang province tops the list of provinces in China for total of personal savings, which approached the 7 trillion yuan mark, ahead of even provinces such as Shanghai, the Yicai.com report added.

This can be attributed to the fact that Zhejiang is a prosperous province, with one of the highest number of private enterprises in the nation.