Cultural tips
Saving is the most traditional way of managing finances in China. Chinese have the virtue of frugality in housekeeping, and for a long period of time, the government encouraged people to save. Since “Reform and Opening up”, fiscal concepts have changed greatly, especially with those on the property and stock markets. In recent years, many people have begun withdrawing their money from the bank to buy stock, funds, insurance, or houses. Driven by the dream of becoming a millionaire, some people borrow money or even sell their houses to invest in stocks. A number of new words, such as “shareholder”, have entered the Chinese vocabulary. However, in general, savings will continue to be the main way of managing personal finances. Seeking stability and avoiding risks are the priorities of the majority.