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Chinanews, Guangzhou, Jan.5 – A recent survey of Chinese people's consumption desire shows that residents in Guangzhou, Beijing and Shanghai fell discontent with the current social security system in China. As a result, people tend to save their money in banks although they are optimistic about the economy. 40% of the people in the survey say that they put by money for old age, the Guangzhou Daily reported.
The survey shows that only 31% of the people regard the current social security system “mature or relatively1 mature.” More than 40% of the people say the current social security system is “so-so” and 18% think it is “bad.” When asked about the employment situation, 41% say it is “so-so.” 26% of the people think the current employment situation is “relatively good” as the government has taken effective measures to improve it. However, 33% of the people in the survey feel the employment situation “not good or even grim.” The critical employment situation, high medical costs and immature2 social security system make many Chinese people reluctant to spend. The survey shows that although Chinese people are optimistic about the economy, they don't spend much. 40% of the people say that they save money to support their old age, 22% of them say that they save for children's education and 18% of them save for housing decoration. 11% of the people save for “other purposes” and there are still 9% of them who save money in case of emergency. When medical costs are high, education fees and housing payment are soaring, and the country's social security system is not mature, most people in China tend to save as much as they can in case they will have to spend large amounts of money in future.
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