On People's Savings Under Socialism

Kao Hsiang

Chinese Economy, 1967, vol. 1, issue 2, 58-75

Abstract: People's savings under the socialist system of our country, in its present stage of development, takes primarily two forms: one is to deposit savings in the national banks (which by nature are owned by the whole people), thereby reflecting the credit relationships between the people and the state. The other is to deposit savings in the credit cooperatives (which are by nature collectively owned), thus representing the relationships of the people in the rural communes. In addition, there are mutual funds set up by workers and employees in various enterprises, organizations, and institutions of towns and cities; these are in effect savings organizations of a collective nature.

Date: 1967
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