It'samazing how seeing the exact same thing in a different format cancompletely change your outlook... especially with money. Here,despite the rampant modernization spree everyone seems to be on, one verynoticable difference from the USA is that cash is still very much kinghere. Sure, high-end restaurants and hotels, luxury-goods shops, a few travel agencies, aswell as large stores like Carrefour or IKEA take credit cards. Somemore places take local Chinese debit cards as well.
Even so,card usage is still a rarity by locals, even rich ones, so stores thatsupposely take them are often unprepared (I often hear the excuse thatthe only person who knows how to operate the machine isn't here).Basically, if you want to buy stuff, be prepared to cough up cold, hardcash. The thing is that the largestdenomination here is 100 yuan, or just slightly over US $12. ForAmericans, imagine buying a car and having to pay for itusing $10 bills only. It happens every day here.
Last week, I made my biggest purchase in China yet: a newlarge-screen LCD monitor for my desktop. And as luck would have it, thestore didn't take cards. Basically, I had tomax out my daily withdrawal limit on all 3 of my Chinese bank accounts(long story as to why 3, my employer screwed up some things whilesetting them up initially)
Then, it hit home for me then,holding a thick wad of cash -- a wad amounting to a very significantportion of a average migrant worker's yearly salary. It felt obscene in many ways, and I for the first time, felt a bit shameful.
Yes,I will admit that consumerism has been something I've been guilty manytimes of while living in the Silicon Valley, despite knowing betterthrough what I believe in. Back in the states, I would think nothing ofplunking down that amount of money or more to fuel my thirst fortech-toys. Here though, seeing the money in hand -- not just the total figure, but more so the sheer quantityof bills -- gives that amount a different, concrete feel -- much more tangible than entering one's credit card numberon a ecommerce site and clicking "Submit".
That plus theadditional trouble and hassle of paying for stuff serves as a means of curbingimpulse buys of big-ticket items here... that's the good side of it. Muchmore so than seeing the beggars, much more so than reading about Histeachings on not hoarding earthly treasures... seeing money in a tangibleform reminds, nay forces meto really think about what and how I spend it here.
No more being a consumer hoe for me now... ;)
Comments (4)
When I first came to China 3 years ago, I literally carried around thousands of RMB in my wallet all the time 'cos so many stores and restaurants I frequented won't accept cards. Nowadays it's a lot better. But I do admit, having to fork out cash made me budget better and things I used to buy in Australia without thinking twice, I realised I could live without after coming to China.
Posted by Gleefully | August 25, 2005 1:04 PM
Posted on August 25, 2005 13:04
i've had to pay for a laptop, turn in 5 months of rent in one shot, and buy roundtrip plane tix to DC...all in cold hard cash. i always think life would be easier if they'd invent a 500 or 1000 denominated bill, but i've been told that most people in the western regions only make a few hundred rmb a month, so it's not needed as much... :(
Posted by graceyc | August 25, 2005 1:24 PM
Posted on August 25, 2005 13:24
Just to top up on both Grace's stories, when I bought my car, I had to pay 168,000RMB in cash. The car dealer wouldn't take my car (no surprise), but even more surprising, wouldn't even take a BANK check.. I mean its protected by the bank.. Nope, just cold hard cash.. I withdrew like 170,000 rmb in cash put it in my backpack (like a robber) and the only security I had was my friend, and his big umbrella.. It was nerveracking.. So I can totally understand your situation... Yeah, China needs to realize that there is inflation here.. and needs to have at least 500rmb denominated bills, even 1000RMB.. just like in Hong Kong.. but China doesn't want to admit that yet.. and bringing up the bills may just mean price rises and inflation... The U.S. also has that problem too since many have wanted to coin the US dollar and many attempts have been unsuccessful. But that problem doesn't seem as serious as China's RMB issue..
Posted by chieworld | August 25, 2005 2:13 PM
Posted on August 25, 2005 14:13
Great thoughts! I think it's a similar reason why some people I know don't use automatic debit or online payment -- so they have to manually write out a check to pay a bill or support someone overseas doing His work, so they see the money flowing in and out.
Posted by joeyguhguh | August 27, 2005 5:04 AM
Posted on August 27, 2005 05:04