I find it amusing that the IMF and economists for decades pushed emerging countries to "pay the interest on their debt, or else..." in order to keep rich countries growing, but now that the tables are turned they want the emerging countries to "stop growing"... ????
Forget it, As a Chinese I can tell you the real source: It's a practice in China to save company money in a private account.
Also being in China a great deal, I would anecdotally say that the posting seems fairly accurate though I would add that a lot of funds saved by those in the city or at factories are sent home and spent there. There has also been a massive amount of consumption in the form of fixed assets that a lot Chinese would call "investments" like real estate where pricing seems unsustainable. It really isn't the households that have the money to spend (particularly given that they also experience shocks like healthcare expenses from time to time), but the SOE's and large industrial firms (at least in my experience).
Sorry for being naive. How would saving company money in a private account increase savings?
You're implying that the money is placed there as embezzled/a tax dodge/both?