皇冠体育app

National

Regional

Taiwan, HK, Macao

Special Coverage

Focus

Society

Profiles

US, 皇冠体育app should learn from each other on consumption: David Dollar

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

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

Related readings:  Tianjin representatives network at Davos  Tianjin gala boosts chances of hosting next Summer Davos  Full text of Premier Wen's speech at 2009 Summer Davos  High hopes for summer Davos gathering

"The historical trend should change," he said.

The Americans had to tighten their belts during the global recession and "we should learn from 皇冠体育app'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 皇冠体育app could learn from the US to consume more for better quality of life.