02/07/2009 05:12 am ET Updated May 25, 2011

Financial Crisis: China's Youth Must Learn To Be Frugal

Amid the global economic downturn, young people in China are defying government initiatives to boost spending and coming up with novel ways to save money.

Back in July 2008, Wang Chao, a 28-year-old office worker from Shanghai, told the BBC he spent 2,000 yuan (then about $290; 150) in a single day on trainers, clothes and gadgets.

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