China’s secret weapon for funding its tech dreams: household savings

China is undertaking a fundamental transformation of its development model. Rather than relying primarily on bank lending, property investment and government subsidies to drive growth, Beijing is increasingly trying to convert the country’s enormous household savings into a financing engine for technological upgrading. The blockbuster initial public offering (IPO) of ChangXin Memory Technologies (CXMT) – China’s leading producer of dynamic random access memory chips – illustrates this emerging..