Beijing Reports Increased Bank Deposits

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Last updated at: (Beijing Time) Sunday, June 15, 2003

Beijing Reports Increased Bank Deposits

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The bank deposits of Beijingers had reached 481.34 billion yuan (58.2 billion US dollars) by the end of May, a rise of 23.5 percent year-on-year, according to the latest statistics from the Beijing statistical bureau.

Of the total figure, 93.1 percent belonged to urban residents, who make up 71 percent of Beijing's total population, indicating an imbalance between urban and rural residents in terms of savings.

Some residents deposited money for children's education, medical services or as a nest egg for their old age life, and somesaved money to buy automobiles or homes. Some people said they hadfailed to identify good investment prospects so they deposited their money in banks.

The bank deposits of Beijingers went up from 930 million yuan (112.5 million US dollars) to 438.97 billion yuan (53.1 billion US dollars) from 1978 to the end of 2002, with the annual growth ratereaching 27.9 percent.

Statistics show the per capita income for urban and rural residents of Beijing rose annually by 15.2 percent and 13.9 percent respectively during the 1978-2002 period. Beijing's gross domestic product grew by an annual 10 percent.

The increasing trend in bank deposits is expected to continue in the foreseeable future, bank sources said.

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