China – A Nation of Savers

MSNBC has a report about the changing money-saving habits of Chinese families, as young consumers turn to credit cards:

Fears about a possible global recession have begun to trickle down to China, a nation of traditionally high savers. NBC News’ Adrienne Mong reports from Beijing on why many Chinese households typically save as much as 30 percent of their annual income, compared to the near-zero percent saved by the average American family.