Come a rainy day
> It would seem the majority of Chinese save 50% of their income (IMF 2010).
> I don't see that in the West.
From what I have read, the reason people in other countries save large proportions of their pay is not due to sound, prudent, financial disciplne. It's due to the lack of a welfare state. If you fall ill, get pregnant and/or become old and infirm and need some expensive healthcare, there is no NHS to heal you for free - you'd better have the readies errr, ready. Same with retirement: pension? Nope. Same with losing your job: no dole until you find another one - you either live off your savings, sponge off your relatives or stand on the street corner with your hand outstretched.
So all that money that citizens of some countries save is merely the flip side of paying less tax for a state-supplied safety net. It's necessary, rather than wise and anyway: savings are simply deferred inflation. So when all that cash does get spent, as people age and leave work - look out for large price rises in their economies.