The bank deposits of Beijingers had reached 481.34 billion yuan (US$58.2 billion) by the end of May, a rise of 23.5 percent year-on-year, according to the latest statistics from the Beijing statistical bureau.

Of the total figure, 93.1 percent belonged to urban residents, who make up 71 percent of Beijing's total population, indicating an imbalance between urban and rural residents in terms of savings.

Some residents deposited money for children's education, medical services or as a nest egg for their old age life, and some saved money to buy automobiles or homes. Some people said they had failed to identify good investment prospects so they deposited their money in banks.

The bank deposits of Beijingers went up from 930 million yuan (US$112.5 million) to 438.97 billion yuan (US$53.1 billion) from 1978 to the end of 2002, with the annual growth rate reaching 27.9 percent.

Statistics show the per capita income for urban and rural residents of Beijing rose annually by 15.2 percent and 13.9 percent respectively during the 1978-2002 period. Beijing's gross domestic product grew by an annual 10 percent.

The increasing trend in bank deposits is expected to continue in the foreseeable future, bank sources said.

(Xinhua News Agency June 15, 2003)