Why Do Chinese People Love Money So Much?
Wealth means everything in Chinese culture
It all started one fateful day many years ago in Hong Kong. I was six or seven years old at the time. A couple of friends and I were sitting around in class, talking about how much we loved Christmas.
The presents, the trees, the decorations, and of course Santa. We couldn’t get enough of it. I thought it was by far the best day of the year and everyone else thought so too. That is, until Howard piped up.
“I don’t like Christmas.”
We all sat there in shock.
Howard was a Chinese boy who had joined our class earlier that year. He had recently moved to Hong Kong from mainland China for his father’s work. Howard claimed his father was a super spy, akin to James Bond or superman. As the years have gone by, I have begun to doubt Howard’s honesty.
“What?! How can you not like Christmas?”
“Easy, it’s nowhere near as good as Chinese New Year.”
We didn’t agree. You see, Chinese New Year was always a special time. You got to eat the best food and spend time with your family.
But that’s really about it. It was great, but it didn’t live up to a fat white man shoving himself down your apartment’s non-existent chimney to give you presents.
So why Chinese New Year? We were all drawing blanks, until Howard enlightened us.
“It’s simple. You get Lai See.”
Lai See, written as 紅包 (Pinyin: lì shì), are the red envelopes that are given out at Chinese New Year, usually among family members. The red packets contain money. Not a large amount, usually just a few dollars, but it’s considered lucky. This is a simplified version of how it works:
You turn up to a big family meal, greet your uncles and aunties with, “Gung Hei Fat Choy” while slightly bowing and cupping your hands.
In response to this, your relative will give you a Lai See packet. Over the course of the meal you accumulate a lot of Lai See.
This tradition of giving ‘good luck’ money seems to have originated during the Qin dynasty 221 BC–206 BC . However, back then it was a series of coins threaded together with red string.
So there we were in class, trying to understand how Howard preferred Chinese New Year over Christmas. It didn’t make any sense to me. Yes, it was nice to see the family and get loads of red packets. But what was the point?
“But what’s so good about Lai See?” I asked.
“You get lots of pocket money.” he replied.
It just didn’t make any sense. What use would a seven-year- old boy have for money? I mean, you can’t eat it, unless you got those gold coins made of chocolate. Those were awesome. You couldn’t play with it. And you certainly don’t need it to pay bills. So why?
After further enquiry, it occurred to me that Howard simply loved money. And as I grew up I began to realise that most Chinese people do too.
It’s not just a simple affection for it. The Chinese have a full blown obsession with money. Their lives revolve around how much you earn and how much you can spend. My mother would often tell me about how fantastic a family friend was, because they work for this bank and earned X amount of dollars. Money not only defines your social standing, but also your identity.
Don’t believe me? For any of you reading this that have a Chinese mother, try this. Walk up to her and say, “Mum I want to be a doctor.” Watch as her eyes light up and the happiness spreads across her face. Then quickly add, “But only for Doctors Without Borders, so I can help those who need it most. It’s unpaid volunteer work of course.” Watch as the confusion, panic and anger sets in. I’m pretty sure I almost gave my mother an aneurysm with that one.
Now I know it sounds controversial. But it’s true. There’s a Chinese saying that goes, “no money, no life.” Another Chinese proverb says,
“Good manners can be paid for with compliments, but only the sound of money will pay your debts.”
Money is inherent in every aspect of Chinese culture and society. It’s therefore no wonder why Chinese mothers openly push their kids towards banking, accounting or medicine. Jobs that are financially lucrative and/or stable.
I can’t recall a Chinese mother ever saying, “Sure you can go to art school sweetie. Follow your dreams.”
From a young age, kids like Howard are indoctrinated into this money-centric society, through practices like Lai See giving. Loving money has been institutionalised.
But why does this exist?
Well to answer that question, we’ll have to examine the origins of money. One of the reasons why Chinese people love money so much, is that they were one of the first to invent it.
Coins have been found dating back to 1000BC. The Chinese were one of the first civilisations on Earth to have a standardised currency. And can you guess which civilisation was the first to introduce bank notes? Correct! Bank notes were invented during the Song dynasty in the 11th century AD.
This fascination with money still exists. It’s been ingrained within their history and culture from the very beginning. However, that only explains their affiliation with money, it doesn’t explain why they intrinsically love it.
So how and why is this culture perpetuated? My theory is simple. Tiger Mums.
The term Tiger Mother refers to a very forceful and authoritative form of parenting. Piano lessons, swimming lessons, chess club, maths tutoring after school, less play more work etc... I’ve experienced all of it and I’m glad to say I’m still a disappointment. Mum blames my father’s genes.
But to put it in perspective, let me introduce you to a concept called the Tiger Mum Paradox, a term I literally just coined. The Tiger Mum Paradox goes like this; a Tiger Mum will force you to learn piano, but doesn’t want you to become a musician. She’ll want you to be good at sport, but not become an athlete. She’ll force you to dabble in these extra-curricular activities, but will forbid you from ever making it your profession.
So what’s the point of all the random activities? Here’s my theory. Back in the day, well…during the 9th century AD, a Chinese nobleman was expected to be well versed in these four arts: Qin (a stringed instrument), Wéiqí (a strategy game, also called Go), calligraphy and painting.
Basically, you had to learn about music, strategy, writing and art to be considered a noble. Scarily similar to the activities my mother forced me to do growing up.
But why force a child to learn all these things, and forbid them from pursuing them as a profession? It’s simple. None of those professions make money. At least, nowhere near as easily as a doctor, accountant or a lawyer. And in Chinese culture, wealth means status.
But why is wealth still the most important thing? Why are the Chinese so set on making their children big earners? Why do the Chinese still love money so much?
Well, I believe it’s for the same reason people think the Jews do.
Hardship. Cultures or people that have undergone a great deal of hardship have been known to value money more than others. It’s a survival mechanism, and it’s easy to see why.
The ironically named cultural revolution caused millions to die of starvation. Millions more were displaced. People lost all their worldly possessions as a society built on thousands of years of Confucian ideology was turned on its head.
When you take China’s turbulent past into consideration, it begins to make a lot more sense. Money provides security. The more money you have, the better provider you are.
So what does the future look like for the Chinese? Will this culture continue?
I believe it’s all about to change. China’s rapidly growing middle class will eventually tire of consuming luxury goods and begin to move away from this culture of extreme materialism.
We’re already seeing sales plummet in Hong Kong. Jewellery shops that used to be bustling, are now empty. High street fashion shops are also experiencing the worst sales years. What is going on? Well, my theory is that we’re reaching peak consumership. If everyone has a Rolex, no one has a Rolex. If everyone has a Mercedes, no one has a Mercedes.
It’s becoming harder and harder to distinguish yourself from the herd, because everyone is getting wealthy.
The tides are changing. Wealth is great, but sophistication is the new way. Ever wonder why wine sales have skyrocketed in China over the past few years? Because it’s not enough to be rich, you must also be sophisticated. And to be sophisticated is to be a connoisseur.
I bet you’re thinking, what the bloody hell is the difference between materialism and connoisseurship?
Well, I’ll tell you. It’s the difference between purchasing the most expensive bottle of cognac on the menu and carefully picking the perfect bottle of wine to go with your meal. One requires more knowledge.
Knowledge is, and will be, the new currency of China, and we’re starting to see it now with the emergence of artists and intellectuals like Ai Wei Wei, Mao Yushi and Liu Xiaobo.
China’s collective consciousness is changing and morphing as we speak.
Hope you enjoyed that. Like and share if you agree or disagree, and if you have thoughts to share on the matter, please comment below.
And if you’d like something easier to swallow, I’ll be publishing an article on The Perfect Bacon Sandwich next week.
