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In China, the advancement of digital payments has transformed the population’s relationship with cash, which has practically disappeared from daily life about 10 years ago, while QR codes are now used even in informal situations, such as street tips.
In China, cash has practically disappeared about 10 years ago, in a scenario where digital payments via QR code have become part of even the most everyday situations. The statement was made by a young second-generation Chinese entrepreneur in Spain, interviewed by Alejandra Andrade on the program “Fuera de cobertura”.
Cash loses ground in China
The interviewee stated that China is communist “in name only” and said he considers the country one of the most capitalist in the world. For him, everything revolves around money and business, including payment methods that have left cash behind.
Speaking about the Chinese reality, the young man mentioned that even a homeless person has a QR code to receive tips. The statement was used as an example of how common digital payments have become in the country.
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Qingtian maintains strong ties with Spain
The program traveled to Qingtian, in Zhejiang province, a Chinese city known for its strong ties with Spain and for housing a large Spanish-speaking population. The municipality is also called China’s “Little Europe”.
The city stands out for its typically Western architecture, built over the last 20 years. During the visit, the team also found a ham carving school, an element linked to the cultural connection with Spain.
Entrepreneurship marked family upbringing
Before the trip to China, Alejandra Andrade visited a popular spot in Usera, run by a 27-year-old man, son of Chinese immigrants. Even though he grew up in Madrid, in direct contact with Western and Spanish culture, he stated that he shares part of his parents’ vision regarding the future, economy, and entrepreneurship.
The young man explained that, for his parents, working for someone else was inconceivable, as the chance to accumulate great wealth through employment would be much smaller than through entrepreneurship. He reported that, instead of playing soccer in the park, he helped deliver restaurant orders, an experience that shaped his notion of the future.
According to the interviewee, his parents couldn’t imagine him not buying an apartment, having a decent car, or owning a business. He also stated that they saw living on less than 5,000 euros a month as almost undignified, a mentality that influenced his relationship with work, success, and cash.
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