'Chinese savers snub consumption for stocks'

Record numbers of Chinese plan to buy into the bullish stock market and fewer than ever are choosing to keep their money in the bank or spend their cash, according to a central bank survey released on Wednesday.
It said that 40.2 percent of 20,000 respondents in 50 cities intended to buy either shares or mutual funds, dwarfing the previous record of 30.3 percent set in the previous survey, conducted in the first quarter.
Only 26.3 percent of those surveyed in the latter half of May still preferred to park their money in banks - the lowest proportion in six years, the People's Bank of China said on its Web site (www.pbc.gov.cn).