EN CHINA TE CREES RICO Y ERES POBRE | Jabiertzo

Summary

After living in China for over a decade, the speaker reflects on the financial and social realities of life in China, comparing them to his home country, Spain. He explores the differences in salary, housing costs, and family dynamics, revealing how despite earning less, many Chinese manage to afford homes and cars by relying on savings and family support. The speaker also discusses the challenges and advantages of being a foreigner in China, highlighting the importance of understanding local costs of living, salary expectations, and the role of family in economic decisions.

Takeaways

• 😀 After over 10 years in China, the speaker reflects on the illusion of economic superiority they once felt due to coming from a rich country like Spain.
• 😀 Despite believing China was still a developing country, the speaker acknowledges that China has made significant progress, especially in large cities, but there is still a gap compared to Spain's quality of life.
• 😀 One of the key surprises is how housing prices in major Chinese cities can be higher than in Spain, despite wages being lower in China.
• 😀 The speaker explains that Chinese people, particularly in large cities, can afford housing and cars despite earning lower salaries, due to different cultural approaches to savings and financial support.
• 😀 In 2011, when the speaker first arrived in China, there was a clear gap between China’s central provinces and major cities, but over time, the situation has improved significantly.
• 😀 The speaker initially felt economically superior due to their scholarship, but later realized that their partner, Lele, had more financial resources and advantages than they had assumed.
• 😀 Over time, the speaker understood the cultural expectations in China, including the pressure to own a home before marriage, and the significant financial role that families play in purchasing homes.
• 😀 The speaker was unaware of how the financial system works in China, where family contributions to housing costs are common and often involve not just parents, but extended family members as well.
• 😀 Even though foreigners might earn higher salaries in China, the cost of housing, lack of benefits (like subsidized mortgages), and the difficulty of accessing financial support from family can make it harder for them to accumulate savings.
• 😀 The speaker advises those considering living in China to take a holistic view of the cost of living, including housing, family expectations, and social support, rather than focusing solely on salaries or the average income statistics.

Q & A

What realization did the speaker come to after living in China for more than 10 years?

The speaker realized that they had been living under the illusion of economic superiority due to coming from a wealthy nation, but they started to understand that China's economic situation, particularly in rural areas, still had much to improve.

What does the speaker mention about the economic development of Spain compared to China?

The speaker highlights that while Spain's quality of life is generally higher, China has made significant progress in terms of infrastructure and urban development. However, challenges remain, and Spain is ahead in terms of indicators like average salaries and GDP per capita.

How does the cost of housing in China compare to that in Spain, according to the speaker?

The speaker points out that housing in some large Chinese cities can be more expensive than in Spain, with examples like purchasing an apartment in Changsha, where the square meter cost was similar to that in Pamplona, but salaries were much lower.

What role does sociology play in China's economic situation, according to the speaker?

The speaker believes the key to understanding China's economic situation lies not just in economics but in the sociological context. This includes the importance of family support, especially in purchasing housing, and the different expectations and behaviors across generations.

How did the speaker’s economic perspective change after returning to China in 2016?

After returning to China in 2016, the speaker became more aware of their actual economic situation and the financial challenges of affording housing in China, realizing that their perception of financial comfort was unrealistic.

What challenges did the speaker face when trying to buy a home in China?

The speaker faced challenges such as not being part of the housing assistance plan available to Chinese employees, which could provide lower mortgage interest rates. Additionally, the speaker found it difficult to ask their parents for financial help, especially with the higher costs of housing in China.

How does family support play a role in purchasing housing in China?

In China, it is common for the family, especially the husband's family, to financially assist in purchasing a home. This cultural aspect contrasts with many Western countries, where financial independence is emphasized more.

What is the difference in the approach to housing and family expectations in China compared to Spain?

In China, it is customary for the husband to have a home ready for the couple to live in shortly after marriage, which creates financial pressure. In Spain, this is less of an expectation, and the focus is more on individual autonomy without such immediate demands for homeownership.

Why is the speaker's perspective on the cost of living and salaries in China important for foreigners?

The speaker advises foreigners to consider the broader economic picture, including the local salary levels, housing costs, and family dynamics, when moving to China. Even if their salary is higher than the local average, they may still face financial challenges without fully understanding the local context.

What advice does the speaker give to foreigners planning to move to China?

The speaker advises foreigners to carefully assess the salary offers, cost of living, housing prices, and other economic factors when planning to live in China. It's important to avoid the illusion of financial comfort based solely on salary comparisons and to prepare for potential cultural and economic differences.