1  Draghi, M. (2016), “Delivering a symmetric mandate with asymmetric tools: monetary policy in a context of low interest rates”, speech at the ceremony to mark the 200th anniversary of the Oesterreichische Nationalbank, Vienna, 2 June 2016.
This is closely related to the unsolved distortion of cost/profit of enterprises during China’s economic transition. Under the planned economy, housing, healthcare, and pension were provided by the enterprises and the government, and weren’t accounted for in wages. This had dampened people’s incentives to save.