[slv77]

Every RMB in someone's savings is offset by another RMB of someone else's debt. The savings rate isn't really as relevant as how productively that savings is utilized by the debtor on the other side of that balance sheet.

For example I can save 50% of my income but if i lend to a 90 year old who uses it to fund an elaborate funeral my savings means little.

Other metrics in China suggest that a lot of investment in China since 2008 hasn't been productive. This pattern isn't limited to China but is common in every country who has gone through rapid debt expansion including the US. Finding productive investments takes work and talent and economies have natural limits on investment opportunities that aren't purely monetary.