On April 12, the People's Bank of China released financial statistics and social financing data for the first quarter of 2024, claiming a total increase of 11.2 trillion in RMB deposits. As of the end of February 2024, household deposits amounted to 143.2 trillion yuan, increasing by 8.56 trillion yuan in March alone, reaching 151.8 trillion yuan, accounting for more than half of the total RMB deposits. Based on China's population of 1.4 billion, the per capita increase in deposits in the first quarter of 2024 is 6,114 yuan. By the end of March, the per capita deposit stands at 108,400 yuan. So, was the Chinese economy as beautiful in the first quarter as the statistics suggest? Economic blogger Lao Man conducted a statistical analysis. His conclusion: In the first quarter, the Chinese economy, in fact, suffered a visible collapse. #chinaobserver All rights reserved.