Word: gongs
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...local standard in the prosperous northeastern coastal city of Tianjin, Gong Haitao, 31, seems to have it all. A production supervisor at a major glass manufacturer, Gong enjoys a steady income, has a decent apartment and a car and is happily married. But during a recent drive from downtown Tianjin to his suburban home, Gong couldn't stop complaining about life, albeit in a rustic, good-humored way. "If it wasn't for the bad economy, I would have bought a second car and a nicer apartment by now," he says while driving past a grand mixture of construction sites...
Young middle-class couples like Gong and Wang are key to China's economic future - just as China's future may determine how long the global recession lasts. They are part of the population cohort the government hopes will boost domestic consumption, which takes up a mere 35% of the country's GDP right now, and thereby wean the country off export-dependent growth. China has long been concerned about its sluggish domestic consumer demand and recently vowed to expand it by injecting $586 billion into nationwide infrastructure. But a dwindling confidence in the economy seems to be getting...
...Gong's increasing wariness of spending and investing comes with good reason. Throughout this past year, bad investments in ventures and funds have cost the couple a hefty 50,000 yuan (roughly $7,300) - or about one-third of their annual income - something inconceivable in the popular mind when the economic outlook was much rosier...
Nevertheless, the Gongs' living standards don't exactly fit into the Chinese definition of frugality. They live in a cozy two-bedroom apartment in downtown Dagang and drive to work every day in a Kia Cerato that, according to Gong, about 70% of the locals still deem a luxury. But they are not carrying a mortgage, which could have easily added another 2,000 yuan (almost $300) to their monthly expenditures. Gong's parents chipped in with their savings to help the young couple purchase the apartment...
Even so, the couple still largely limit their regular spending to necessities like food, clothing and gas, totaling about 4,000 yuan (about $580) a month. That amount takes up most of Gong's monthly salary. By keeping luxuries down and giving up vacation travel, the couple have managed to save up all of Wang's salary, which normally amounts to about 10,000 yuan ($1,460) a month. "I just like to stay in and watch movies when I'm off from work," says Gong, who describes himself as an indoor person. The farthest trip he's been...