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US, China should learn from each other on consumption: David Dollar

(Xinhua)
Updated: 2009-09-11 23:48

DALIAN: The United States and China should learn from each other to change their nature of consumption, David Dollar, Economic and Financial Emissary of US Department of the Treasury to China, said Friday at the ongoing Summer Davos in northeastern China's port city of Dalian.

The US family suffered more from the global financial crisis as they got used to over-consuming while the Chinese family preferred saving to consuming, said Dollar.

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"The historical trend should change," he said.

The Americans had to tighten their belts during the global recession and "we should learn from China's household savings", he said.

The American savings rate in May rose to 6.9 percent, the highest level since December 1993, according to statistics from the US Commerce Department. The US savings rate hovered near zero in early 2008.

On the other hand, Dollar hoped China could learn from the US to consume more for better quality of life.