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Chinese values in transition
With China's rapid social and economic development in the past 30 years of reform and opening-up,some traditional Chinese values are being replaced quicly by new ones.
For example,the traditional value of "Savings are good and thrift is virtue" is gradually replaced by the concept of "spending tomorrow's money for today's comfort." More and more people,especially the younger generations,are using credit cards for daily consumption or bank loans for housing and automobile purchases.New terms,such as "card slaves" and "mortgage slaves," have vividly reflected this kind of social change.
For thousands of years,the Chinese take pride in their thrifty tradition,with preachings like "saving half of every penny you earn".The older generations,such as those now in their 50s or 60s,will not buy a house of their own until they have saved sufficient money to pay for it once and for all.However,their children today are buying large apartments just one year or two after their college graduation,either seeking financial support from the parents or getting loans from the banks.Many of them have to spend at least half of their monthly income on the heavy mortgage burdens.
So how should we see these changes of social values in modern China?Well,it's hard to say,because every coin has two sides.Still take the saving and spending issue as an example:On the one hand,the people's willingness to spend more and even spend a lot of borrowed money is good for the economy,because it will boost domestic consumption and serve as a new engine of growth.On the other hand,it may also lead to some people's bad habit of over-spending,like what we can see in some developed countries,causing financial instability and even resulting in some kind of crisis like the one that hit Wall Street in 2008.
Therefore,I believe that when we should embrace new values with an open mind,we should also cherish the good,old values and try to strike a balance between the old and the new...

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