CLSA sees the US economy -- China's biggest trading partner -- tipping into recession late this year, causing China's economic growth to slump to around 5 percent in the second half of 2008 from an estimated 11.5 percent for all of 2007.

DBS's Leung disagrees: pending interest rate cuts will shore up the US economy and the Beijing Olympics will help boost China's retail sales by 18 percent in 2008, he says.

That's still relatively weak given that exports and investment are surging by 20-30 percent annually. But analysts say there is no quick fix.

"If retail sales grow any faster China will have an overheating problem because the economy is already expanding by 11 percent and investment is growing by 20-30 percent," said Tim Condon, Asia economist at ING Financial Markets in Singapore.

High savings rates reflect job insecurity at restructuring state companies, shaky welfare protection and -- in boomtowns like Shenzhen -- homebuyers' need to keep up with soaring property prices.

Outside Kingglory Plaza, George Clooney grins benevolently from an Omega watch advert. But even he was having difficulty persuading men in the mall to spend one recent Sunday afternoon.

Calvin Klein and Hugo Boss have "sale" signs across their windows, but men in the mall mostly sit around checking mobile phones or playing with their children.

If young women seem more financially carefree, it could be because rapid growth has enabled them to break out of traditional roles.

Job opportunities for educated women in cities have never been better: Credit Suisse estimates average monthly wages among urban 20-29 year olds jumped 34 percent in 2006, while average urban incomes grew 18 percent.

Donis Zhao, 26, a beauty consultant, says her mother, a doctor, keeps telling her to start saving, but she sees no need.

"I want to focus on my job. If I work very hard and learn a lot, I can earn more," she said. "It's not like when my mother was young 20 years ago and China was poor."

Gen Tang, a 20-something Hong Konger married to a Shenzhen native, says young Chinese women are too susceptible to advertising by foreign brands.

"They're buying for status," he said. "LV tells them: this is good and they buy it," he said, referring to Louis Vuitton.

His wife, May May Yang, sporting a pink Abercrombie & Fitch baseball cap, admits to a weakness for Versace cosmetics and says she spends up to 1,000 yuan on a new Dior perfume every few months.

"I've got friends who'll save 10 months' wages to buy a 20,000 yuan scarf, easily," she said.