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Chinese people save for children's education
(Xinhua)
Updated: 2005-02-18 08:23 A survey of people in China's
ten largest cities shows that saving money for children's education constitutes
a universal feature of their saving habits.
The survey was conducted by
the Chinese Academy of Social Sciences as part of a cultural industry
development report for 2005. It finds "saving money for children's education"
ranks as the second most important purpose of people's saving behavior, after
only "saving for emergencies."
"The results show people attach great
importance to education. They also indicate the potential of the education
market is very big," said an expert with the academy.
The survey was
conducted in Beijing, Shanghai, Guangzhou, Shenzhen, Chengdu, Chongqing, Wuhan,
Xi'an, Shenyang and Nanjing.
The academy's research also shows that
spending on cultural and educational matters accounts for 12.6 percent of
Chinese urban households, the second biggest item after food. The percentage is
11.2 percent for rural households, the third biggest after food and
housing.
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