Young Chinese embrace Western spending habits

Article Abstract:

A increasing number of China's young people are abandoning the traditional Chinese value of frugality and are instead adopting the lavish spending habits of Westerners. Many are choosing to spend their money rather than save because they feel that many of the things that they would like to buy, such as a house, a car or a household appliance, would still be out of reach even if they save for a long time. There are worries that the trend toward greater consumer spending would erode the country's much-admired 40%-plus savings rate.

Consumption (Economics)

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Beijing signals pace of economic growth is satisfactory

Article Abstract:

China is showing signs of strong economic growth with low inflation and reduced interest rates leading to a steady inflow of foreign investments and a strong trade performance. The yuan closed at 8.2908 against the dollar on July 11, 1997, and analysts are confident that the strong exchange rate will stimulate growth in domestic products. The People's Bank of China expects faster banking reforms for all commercial banks and financial institutions.

National Income & Expenditure, Banking industry, Economic indicators

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Economy's growth slows down, casting pall on reforms

Article Abstract:

China's economic growth for 1997 registered a scant 8.8% with analysts predicting further reductions that could spell trouble for the country's economic programs. China's GDP is expected to grow 8% in 1998 and 7.7% in 1999 which translates to increased pressure on economic programs aimed at privatizing state-owned businesses and streamlining the country's bureaucracy.

Economic Programs, Administration of Economic Programs, Analysis, Evaluation, Economic policy, Economic development

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