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To: Maurice Winn who wrote (28577)	2/9/2003 12:19:21 AM
From: RealMuLan	Respond to of 74559

But one big difference with China is that the gov. is still very tight on personal lending, except for buying apartments and recently, cars. And I think now almost all the individual credit cards are have to be secured (means you can only spend what you have in your bank account). So there is virtually NO unsecured personal debt in China. And because of this lending policy, the debt in China would never be out of control. And I do not see the Chinese gov. will change this policy in the foreseeable future. I don't know the future generation will save or not. but the present young people (20 something, and a lot of them are the only child generation) still save a lot. A lot of them want to buy cars, but few of them really borrow money to buy cars even if they can. They save, and then spend. So the formula is quite different bet. the US and China. Chinese view interest payment quite different from the US.