China's Forex Reserves Rose USD108.6 Billion to USD3.22 Trillion in 2020

[KurtisBrian]

In Taiwan region, yes, people like paper money or credit cards. In Mainland, that's become somewhat old fashioned.

When I was in Mainland, I almost forgot there was a thing called paper money.

You are Chinese you understand what I mean. Chinese hoard cash. They don't spend it at stores. They hoard it and use it in personal transactions between each other. Once they get their hands on the money they try to NEVER let it go out of their group. For some reason, that is what is in my head as to what the Chinese do.

 

[TaiShang]

You are Chinese you understand what I mean. Chinese hoard cash. They don't spend it at stores. They hoard it and use it in personal transactions between each other. Once they get their hands on the money they try to NEVER let it go out of their group. For some reason, that is what is in my head as to what the Chinese do.

That's not a realistic impression. China is the world's largest online shopping economy.

Personal transactions occur. For nstance, here in TW, in LINE groups, people privately sell stuff like cherries. But, in Mainland, most purchases are via platforms like JD or Pinduoduo, as far as I can tell.

I myself have Tmall, Taobao, JD and Pinduoduo accounts.

 

[KurtisBrian]

That's not a realistic impression. China is the world's largest online shopping economy.

Personal transactions occur. For nstance, here in TW, in LINE groups, people privately sell stuff like cherries. But, in Mainland, most purchases are via platforms like JD or Pinduoduo, as far as I can tell.

I myself have Tmall, Taobao, JD and Pinduoduo accounts.

okay. Guess my mind is old China. Knights and Monks we lost again.

 

[TaiShang]

okay. Guess my mind is old China. Knights and Monks we lost again.

It is understandable.

Change is so fast in Mainland, even lots of people in TW have little clue what is going on.

And we speak the same language - although most news TV stations simply aim to create more stupid people by simply and uncritically translating and airing Western news like zombies - that adds to the ignorance here.

It took five years in TW ro introduce some online payment platforms when in Mainland already made it a new normal. And here technology is still very inefficient.