What if China becomes Japan of the ’80s? Rattled citizens on economic slowdown
By Edward Wong
BEIJING – In recent days, an advice column has circulated widely on China’s most popular social media phone app. Titled “Guide on Safe Passage Through the Economic Crisis,” it is aimed at young Chinese urban professionals. Its nuggets of wisdom include: “Work hard at your job so you are the last to be laid off” and “In an economic crisis, liquidity is the number one priority.”
Zhang Yuanyuan, 31, a bank teller in Shandong province, is among the thousands of people who have shared it online.
“Last year we didn’t have any year-end galas or a bonus,” she said in an interview. “I think this year will be the same.”
“I try to spend less,” she said, adding that she buys cheaper clothes online instead of shopping in high-end malls. “And I started carpooling with co-workers to save on gas.”
Many young middle-class Chinese who grew up during the nation’s glittering boom years, when double-digit growth was the norm, are suddenly confronting the shadow of an economic slowdown and even hints of austerity.
They are talking of canceling vacations and delaying weddings and even selling recently purchased apartments to have cash on hand. Those who have lost money in the ongoing stock market crash are especially anxious.
People across the globe should learn from India regarding Saving. There should be balance between saving and spending and we Indian’s are good at it.
Shyam Singh (mehrauli delhi)
Very good article
End time of US terror on economy, china will not same mistake which japan did.
A. S. Mathew (U.S.A.)
The U.S. rescued Japan in 1980, now who will rescue China?
Alagar Aravindh (bangalore)
I hope india will take chinese slowdown as its advantage for indias growth
Makarand H (Maharashtra)
Title is misleading – there is no serious discussion on Japan of 80’s and China of now. It is just collage of chinese folk sentiments. Disappointed.
India will take its place.
Indian govt should make stricter rules for imports from China it shall aggreviate their problems and then china shall come to terms for their behaviour to support pakis