China, US, and India - household savings fact of the day

MR points to the difference between the composition of household savings between China and US,

Roughly 50% of Chinese savings – amounting to as much as half of GDP – lie in real estate alone, with 20% in deposits, 11% in stocks, and 12% in bonds. To compare, in the United States, real estate, insurance, and pensions each account for about 20% of total savings, with 7.4% in deposits, 21% in stocks, and 33% in bonds.

If the Chinese savings pattern is skewed and inefficient, see the graphic below on India, where land and gold locks up 71% of the savings. This is most likely an under-estimate given the fact that a significant share of this is unreported or 'black'.

This has engendered a liquid savings deficit in India which has the potential to undermine economic growth.