Good thing Chinese people save about 50% of their earnings so when the economy goes to hell, they will have something to keep the economy going (unlike Americans, hey we have government to save us).
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The news stories I've watched have said that Chinese people are pouring every penny of their savings into real estate investments. In many cases, 2-3 generations worth of savings.
They may spend 50% or less of their earnings each month, but it isn't just sitting in a savings account.
Besides, if there is a collapse in the Chinese economy, the Chinese government could easily just confiscate the money. I guess that could technically happen here too, but it is far more likely to happen in a place like China where the government controls everything.