Chinese culture VS. American culture

Spending and saving habits

Chinese culture and American culture are very different. They have very unlikely spending and saving habits. The personal savings rate in China is very high (about 30%) compare to the US. Their spending and saving habits were formed during the 1960s and "70s, an era when food and material goods were scarce and they couldn't waste or discard anything that could use. Most Chinese save as much as possible which about half of what they earn. Usually Chinese don't buy things on credit. If they were borrow money and spend what they hadn't already earned, they will fell nervors. Cridit cards are still rare in China and most people pay for everything in cash. Chinese like to look for a bargain and it looks that haggling is a way of life. Also, Chinese usually give cash gifts to family members or friends on every new year, birthday or wedding. I thing that when Chinese feel more confident about social security, health and education cost, they will spend more money.
Americans have a high-debt culture, a culture of high credit card and installment balances. They like to spend money and can't save more. Some Americans even spend more than they earn. They like to use credit cards to purchase anything even major items. So it causes the personal saving rate close to zero. Also, Americans don't like cash gifts and they thing that cash is a less common gift becasuse it's considered to be bess thoughtful.