Posted on 09/01/2007 8:46:24 PM PDT by JACKRUSSELL
(HONG KONG) - After working as a migrant worker at a Hong Kong company, which still owes her at least a month's salary of HK$5,000 (US$641) after closing down, May Li returned to her home town of Guangzhou, capital of the southern Chinese province of Guangdong, and soon found a similar job there selling and promoting mobile-phone services.
Though she is still in debt due to credit cards, May, 22, said she isn't worried about her financial future. May, who is a trainee, owes 1,500 yuan (US$194) in credit-card debts. But she said she believes she could eventually earn as much as 3,000 yuan a month at her new job.
But she said she still spends as much as she earns, saving nothing. "No matter how much money I earn, it still isn't enough for me to spend," she said with a laugh.
"I don't have any savings, but I'm not worried because I can earn money in the future," said May, who said she has "a nice boyfriend" who is helping her pay off her credit-card debt. "My boyfriend and I had a plan to save half of our salaries since the beginning of last year, but only he could do it," she said......
(Excerpt) Read more at atimes.com ...
thats pretty bad
because traditionally Chinese have 0 trust in their banks
also there was no social net medical or anything everything is out of pocket expese
so pile of money was that only assurance of emergency services
also there is no social security or pension system
that was the information thus far
this just adds to their big mess of not having any reserves at all and young kids not being able to save
very odd information
Just curious...does anyone know how China’s inheritance laws work? Will the ‘only children’ inherit their parent’s wealth, or does the state get it?
Just curious...does anyone know how China’s inheritance laws work? Will the ‘only children’ inherit their parent’s wealth, or does the state get it?
I found this: http://wcm.fmprc.gov.cn/ce/cgny/eng/lsqz/laws/t42224.htm
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