China's household assets hit $69t

The total assets of Chinese households was 21 percent higher than the assets of households in the United States in 2010, Beijing Morning Post reported, citing Gan Li, professor of Southwest University of Finance and Economics.

Federal Reserve data shows that US household assets reached $57.1 trillion in 2010, said Gan, director of the university's Chinese Household Finance Survey Center. Chinese household assets reached $69.1 trillion in the same year, Gan added.

David Wise considered the data to be reasonable as China's population is four times that of the US and China's home prices were surging while US' property prices were declining at the time, Beijing Morning Post reported.