Sparsames China, verschwenderisches Amerika

Die Sparquote in China ist die höchste aller bedeutenden Länder. Chinas Bruttosparquote (der Prozentsatz des BIP, der nicht unmittelbar dem Verbrauch zugeführt wird), die sowohl öffentliche wie private Ersparnisse umfasst, liegt bei etwa 50%. Im Gegensatz hierzu ist die Sparquote in den Vereinigten Staaten die niedrigste unter allen wichtigen Ländern – etwa 10% vom BIP. Nahezu alle übrigen Länder fallen zwischen diese beiden Extremwerte.

Unterschiede bei der Sparquote sind sehr wichtig und als zentraler Grund dafür anzusehen, dass Chinas jährliches Wirtschaftswachstum inzwischen um volle sechs Prozentpunkte höher ist als das der USA. Wenn die Menschen die Hälfte ihres Einkommens sparen, können ihre Investitionen die Wirtschaft potenziell mit enormer Geschwindigkeit voranbringen. Das Sparverhalten in China ist Bestandteil eines „Tugendkreises“: Ein rasches wirtschaftliches Wachstum führt zu hohen Ersparnissen, die ihrerseits das rasche Wachstum stützen.

Die Differenz zwischen der chinesischen und der US-amerikanischen Sparquote wächst seit Jahrzehnten. Anfang der 1980er Jahre war Chinas Sparquote doppelt so hoch; inzwischen ist sie fünfmal so hoch. Warum sind diese Entwicklungsverläufe so unterschiedlich?

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