Beijing residents have highest savings in China

Beijing's urban and rural residents save the most amount of money in China, financial media outlet Yicai reported on Sunday.

As of 2019, China's top three cities in terms of urban and rural residents savings balance were Beijing, Shanghai and Guangzhou, according to data from the National Bureau of Statistics.

Chongqing in Southwest China, Shenzhen in South China's Guangdong province, and Chengdu in Southwest China's Sichuan province grabbed the fourth, fifth and sixth spots, respectively, on the list.

From 2010 to 2019, Hefei in East China's Anhui province, Chongqing, and Changsha in Central China's Hunan province, witnessed the fastest growth in savings balance of urban and rural residents, while Guangzhou in South China's Guangdong province grew the slowest.

The savings balance of urban and rural residents is considered as an important indicator reflecting the economic conditions and consumption levels of urban and rural residents.

Statistics indicate savings balance of urban and rural residents in Beijing and Shanghai were 3.73 trillion yuan ($572.84 billion) and 3.17 trillion yuan, respectively, in 2019.

Beijing and Shanghai take a leading role because these cities attract most talents working in high-income industries, including information transmission, software and information technology services, finance, scientific research and technology services, the report said.