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Chinese Succumbing to Big Spending

In addition to having high mortgage payments for living quarters, the post-80s generation now also faces large expenditures for holidays, China News Service reported.

A website survey of white collar workers showed that, for the Chinese New Year in February, 55% spent more than 5,000 yuan [Ed: the average white collar worker’s monthly income is between 2,000 and 3,000 yuan]; more than 80% spent one or two months of their income; and 20% spent more than a quarter of their annual income.

Analysts claim that this has become a problem for all Chinese. Heavy spending is a reflection of the “face culture,” where each wants to outdo the other, including ones family members. The result is excessive financial burdens.

Nowadays, a common joke is, “I am short of nothing but money.”

Source: China News Service, February 25, 2010