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Household savings in the country continued to grow rapidly in 2025, increasing nearly 10% compared to the previous year and bringing the average savings per person close to CNY118,900 (USD17,060). Despite this, household borrowing, especially short-term loans, showed signs of decline.
Data released by the central bank and local authorities indicate that by the end of December 2025, the total household deposits in both domestic and foreign currencies reached CNY167 trillion (USD23.96 trillion), marking a 9.7% rise from the previous year. With an estimated population of 1.4 billion, this amounts to an average of CNY118,900 per person, highlighting the continuing preference for saving during uncertain economic times.
Similar patterns are visible across various provinces. In Guangdong, the largest regional economy, total deposits in local and foreign currencies totaled CNY38.7 trillion (USD5.55 trillion) at year’s end, reflecting a 5.7% annual increase. Household deposits made up CNY15.12 trillion of that total, rising 9.3%, with individual savings averaging CNY118,300.
Zhejiang, another key economic region, reported total deposits of CNY24.63 trillion, up 7.3%, while household savings grew nearly 10% to CNY11.85 trillion, pushing per capita savings to CNY177,700.
On the lending front, both Guangdong and Zhejiang displayed a divergence between household and corporate credit. While overall loan balances increased, household loans decreased compared to the previous year, particularly those for consumer spending and operational needs. Conversely, business loans experienced solid growth.
Analysts from Orient Securities noted that households are still cautious about leveraging, actively reducing debt, and showing little sign of renewed confidence in consumption or home purchases.
Meanwhile, an analyst from China Merchants Securities pointed out that corporate lending picked up toward the end of 2025, supported by easing trade tensions between China and the U.S. and government-backed financial tools. Increased demand for inventory restocking and capacity expansion, combined with easier credit from banks, contributed to strong growth in both short-term and medium- to long-term corporate borrowing.
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