Why is the savings rate among Chinese people so high?

That’s because there really is no one left to step in and cover you.
If you have nothing to eat, where do you go to get a relief meal?
When you get sick, there are various people kneeling by the roadside begging for handouts, and across the whole platform there are all kinds of “Shuidichou” crowdfunding campaigns.
As for the so-called social safety net—in the face of the facts—it can only be you who relies on yourself.