Posted on 09/28/2008 5:39:45 AM PDT by robertvance
"No one had to borrow money from the bank," she explained. "They all had a lot of cash on hand." While mortgages and credit cards are becoming more popular in China, there is still a traditional principle in place which dictates that one should be able to pay with cash for something before they really need to buy it. Many Chinese people are able to pay for their houses with cash because in my observation, they are some of the best 'penny pinchers' in the world. And by that I am not suggesting that they are stingy. Years of hardship and an uncertain future have forced millions of Chinese people to survive on the bare necessities. Despite the fact that China’s outlook is much brighter there are many people, especially in the older generation, that still save much more than they spend.
(Excerpt) Read more at teachabroadchina.com ...
They’re saving our money!! Man, what has happened to our country? We gave it all away. Try to buy American.
Quick send the liberals to China. They can start food stamp, afdc, epa, eeoc, and other liberal programs. I say lets keep our tech here and export liberals and their ideas to China. Perot’s Giant Sucking Sound is drowning out everything here.
Yeah and how to invest in infrastructure and protect the environment too, huh? You do know that china is a slave state where abject poverty is the norm, water is undrinkable and forced abortion are routine?
It’s a lot easier to save money when there is nothing to spend it on
How many bicycles and radios do you need anyway?
This article borders on delusion. I’ve been to China, spent a couple months there. When the Chinese refer to buying a house, they aren’t talking about our idea of a house. Just like many people in Central America own their own home, if you can call a hovel a home.
Comparing houses in America to houses in China is like comparing a dinner at a restaurant in America versus a restaurant dinner in China: Would you rather eat a rib eye steak or a dish of rice with bits of dog meat cooked in (I should upload my photos of slaughtered dogs and cats in the marketplace.)
their shacking there heads because now they have no place to peddle thier junk
Wow, paying cash and living within your means! What a concept!
China is right, of course. No one held a gun to these folks heads and told them to buy houses out of their price range or sign off on ridiculous mortage agreement. However, the government is holding a gun to our heads and making us pay for others’ foolishness and greed.
Another benefit would be pacifism and unilateral Chinese nuclear disarmament.
Infecting China with liberalism would solve a lot of problems.
It ain't just pennies they pinch. They pinch DVDs, CDs, books, art, technology ... anything and everything of value
Tens of billions of dollars of intellectual property the Chi-Coms have stolen from us. The entertainment industry's DVDs, CDs. The technology from all our industries. That's billions stolen from us and not available to us to save.
Lots of people have been shaking their heads for years and years wondering when were the Red Chinese going to stop stealing our intellectual property. The Chi-Coms don't even try to hide the theft and even the WTO can't stop the purloining.
And now that the crap hit the revolving blades, they are holding a gun to our heads to bail them out.
Call the Sea Lift Command. Lets get an emergency convoy full of libs headed out. That will give stock a boost.
You spent a few months in China. Congratulations. Spend a few years there and then tell us what you know.
You are comparing China to Central America? When did you go to China last? The 1960’s perhaps? While most Chinese people buy apartments, they are still spending ALOT of money. For example, in the city where I live, average apartment go for over 300,000 RMB which at the moment is over 40,000 US. There are plenty of people who spend over a million RMB. The point is, they pay for it in cash.
You can go ahead and continue in your dreamworld that most people in China are still living in shacks in the middle of the countryside but next time you come I think you’ll be surprised. For better or for worse, China is catching up...faster than many think.
Anybody see that great photo of Chinese passengers - about thirty of them, along with airport staff - having to push a 20-ton plane off the runway when it stalled after landing at some regional airport in China and they didn’t have one of those airport vehicles for towing it? Too funny! I guess this is what they’re boasting about.
And I’m shaking my head at China, which has inundated us with it’s crap.
Nope been there in recent years. Didn’t stay in a rural area, stayed in Guangzhou. Paid big bucks for our hotel room, but my husband was on work assignment there so we got to mix with the workaday Chinese. Uh, want to talk about toilets, or cooking facilities in those apartments??? What about square footage of the apartment and how many people are living in the same unit.
And you need to visit the states and see what $40,000 would buy you here....NOTHING! As far as having that much in cash, many people still follow the rule of a good down payment (we put 1/4 down when we bought our home)...it’s just the sub prime mortgages where people paid nothing down.
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