have used it earlier this year when speaking at an event hosted by bank negara malaysia. on this graph, china ’ s current account surplus, though large, is just a part of the global total. oil exporters, japan and other asian economies all have a significant share in the global surplus. among the deficit or low saving countries, the share of u. s. deficit is very large. the east and central european countries account for a very small share of the total deficit. other economies do not have a prominent share in global imbalances. in recent years, this matter has received a lot of attentions. the imf ( international monetary fund ) has organized a series of discussions, and the focus has shifted from balance of payments surplus to savings gluts. it is comforting to see that the household savings rate has gone up to almost 7 percent in the u. s. as recently as this last may. whether this is a sustainable long - term trend remains a question for prudent judgment. generally speaking, structural adjustment is never easy. in addition, the u. s. has a problem of public deficit. how the us healthcare reform will unfold, a matter that the international community follows with great interest may shape the future trend of u. s. savings rates. 3. the distribution of savings in china people outside china need a better insight into the high savings rate in china. the general view is that china consumes too little and has to consume more. the following chart shows that the income distribution during china ’ s economic transition has contributed to the savings pattern. the share of china ’ s household savings in gdp has been quite stable. it was 20. 3 percent in 1992 and 20 percent in 2007. though once hitting a low of 17 percent, it basically remains around 20 percent. the share of corporate savings in gdp was 11. 3 percent in 1992, and doubled to 22. 9 percent by 2007. meanwhile, the share of government savings, namely public sector savings in gdp was 4. 4 percent in 1992, and nearly doubled to 8. 1 percent by 2007. given the comparatively small size of the government savings, surging corporate savings played a more important role. high corporate savings in china are closely related to the large rural labor surplus. seeking opportunities to better realize their productivity, surplus rural labor has gradually found jobs in coastal and urban areas, in industrial and the service sectors. this, as matter of fact, is part of the urbanization process

to reach greater heights. let us start from the top with each company ’ s leadership – shareholders, the board and senior management. for the industry to really break new ground, we need to consider a total reimagination of the takaful model. it needs to break out of the shadows of insurance by evolving new business and operating models. concepts in takaful with rich potential, such as mutual takaful remain largely untested. the mutual model has a long history. it is also enjoying a resurgence with the rise of new online, peer - to - peer insurers in other countries. this is just one model. there might be others. boards and senior management should lead the way in exploring these developments and charting new territory. this will require more active engagement of shareholders to develop a clear vision for the company and enlist support for bold strategies that will change the status quo for the better. 4 / 6 bis central bankers'speeches various programmes such as fide and fide forum already include content to help prepare directors in future proofing their institutions. the focus will be even stronger going forward. we are also pleased to announce that a specialised executive islamic finance education programme tailored for directors of islamic banks and takaful operators will be launched in the first half of this year. it will equip directors with an appreciation and knowledge of islamic finance by incorporating practical business perspectives. with this, directors are better able to contribute towards growth and innovation, beyond their roles in ensuring that their institutions operate within sound shariah and risk management parameters. at the level of employees, the reality is that good talent is in short supply. and so, the industry must take a longer view in its human capital strategies. it must invest to develop talent. remuneration that is competitive is one part of the solution. sadly, the remuneration of employees of takaful operators is not competitive. among highly skilled employees, we estimate that those in the takaful industry earn 15 % less than those in insurers. so long as this difference exists, it will not be the employer of choice for the best talent. the other part of the solution is in building skills and competencies. the industry needs to take this seriously if it wants to break new ground in realising the potential of takaful. takaful operators must set a clear vision and culture of continuous learning and development. programmes such as the chartered professional in islamic finance, certified shariah advisor and certified sha