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From:
www.eastisread.com
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Part I of Xu Gao: corporate gains fail to boost household income, leading to over-investment & excessive savings in China
https://www.eastisread.com/p/part-i-of-xu-gao-corporate-gains
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Blocked income transfer from enterprises, especially SOEs, to households is identified as the key culprit behind China's unusually high savings rates, leading to low consumption & slow growth.