Change in Asian mindset needed to sustain recovery

Developing a stronger culture of domestic consumption is crucial to AsiaÆs growth, Standard Chartered's Asia CEO, Jaspal Bindra, argues in this contributed view point article.

Change in Asian mindset needed to sustain recovery
Jaspal Bindra

A news piece from last year about an elderly Chinese man whose life savings were eaten by mice tells us two things firstly, that the stove, as in 80-year-old Yang Lihong's case, isn't exactly a safe piggy bank. Secondly, and more importantly, it highlights the norm among Chinese households to stash away cash with the intention of saving for a rainy day. 

Thrift is a value promulgated throughout much of Asia, especially China, and that in large part explains...

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