An article by Zhengzhou Real Estate Watch called this trend a "great deposit exodus." Residents are withdrawing deposits but are not spending on consumption, home purchases, or investing in the real economy. Data from the central bank shows household deposits increased by 9.2 trillion yuan in the first quarter of 2025, but dropped by 1.85 trillion yuan in April alone. This equates to an average withdrawal of 1,300 yuan per person nationwide. Strangely, the withdrawn money did not convert into new consumer goods, home down payments, or small and micro enterprise loans. Instead, it entered a “financial black hole.”
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