The Chinese habit of saving and the care that they take of the elderly is something other countries need to imbibe.
Quite an inspiring article -
http://www.boloji.com/index.cfm?md=Content&sd=Articles&ArticleID=7358 , it states -
"Personal financial prudence, for example, has for centuries been held in high esteem in China and hence it has a high saving rate – above 20%. Saving for the future for the Chinese has all along been necessary for the simple reason that they have to take care not only of their children but also their aging parents. This is a cultural norm which has not undergone any change despite the perceptible transformation in their living standards. Regardless of the fact whether one is a wage-earner or a billionaire real-estate agent, across the socio-economic hierarchy care for aging parents has remained the norm and has for long been accepted as a familial duty. Looking for its reasons outsiders may attribute it to the absence of publicly funded pensions or healthcare systems. The absence of such social security nets may have, according to them, even incentivized the practice. Whatever the reasons, the fact, however, is that for the life of them, the Chinese are unlikely to ever think of going and parking their parents in homes for elders or nursing homes. It is not in their ‘system’ and the practice, apart from being abhorrent, is just not acceptable and is likely to remain so regardless of the new initiatives, if any, that the State takes."
The practice of not saving of the Americans and the dismal state in India where the saving rate is high but the children are reluctant to support their parents despite its rich traditions and culture is heartbreaking. How can a child drive his parents out of his house?
"Some, in metropolitan towns, happened to indulge in behavior with their own parents that was utterly un-Indian, unethical and not in keeping with the country’s traditional values. Parents were, reportedly, driven out of their homes by their own progeny. Even some murders of the elderly were reported in order to secure ownership of parental property. In view of the increasing hardships inflicted on the elderly by their own offshoot, the government, shamefully, had to bring in an enactment for the welfare and maintenance of parents and senior citizens. Parents can now demand from their progeny food, clothing, allowances, medicines and a place to live in accordance with law."
We surely need to
"imbibe from China some of its social mores."