Income up, tax down, but cheer is elusive

First, the glad tidings. Disposable incomes are up. The personal income tax burden will ease next year. So, are Chinese consumers jumping up in joy? Not quite.

Why not? Well, they are bedeviled by perceived uncertainty over future economic growth direction in general and this year's stock market meltdown in particular.

Parking savings in bank deposits does not seem a bright idea, given the 1.5 percent one-year deposit rate since 2015. Having installed an array of financial apps on my smartphone recently, I now realize the alternative investment avenues, which used to generate up to 5 percent in interest, are dimmer too.