The confrontation between China and the United States intensified, leading people to think about the "difference between China and the United States", one of the big differences is that Americans are relatively hedonistic, accustomed to "spending future money first", Chinese is regarded as kering thrifty, savings rate is very high. But as China's financial sector gradually opens up, people's consumption habits may also gradually become "Americanized".

Just as Ant Group recently had an advertisement describing a grass-roots father, borrowing a small loan of "flowers" to celebrate his daughter's birthday at a fast food restaurant, it was very warm, but caused a lot of controversy.

The ad, which has been displayed in outdoor locations such as bus stops in cities across the country since last week, shows a young couple celebrating their birthdays with their young daughter at a fast-food restaurant, writing: "A family of three has a good day, and her daughter's birthday will be a good one -- Wang Shaogang, 37, captain of the construction team, with flowers for their daughter's birthday." "

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This advertisement is undoubtedly very warm, humane, but many netizens expressed shudder, about its subtext is as a father, although the income is limited life is difficult, but can not help but hold a decent birthday party for their daughter, would rather borrow small loans to pay the bill.

Encourage unnecessary consumption overdrafts

Imagine a family of three eating at a fast food restaurant for just over a hundred yuan (RMB. The same), but the father can not even pay out the money, you know that the family's financial situation is difficult to say loose, perhaps daily consumption, housing is also tight, the advertisement also encourages the father to "borrow money for his daughter's birthday", equal to further overdraft meager living expenses, but also will constitute additional interest expenses.

Flower is the main consumer loan service of Ant Group, which is characterized by no approval, online loan-ready, Ant will be based on all users of the "credit score" (Sesame credit), pre-approved about 1000 to 50,000 yuan limit;

Xinhua News Agency

For example, if someone temporarily has to pay for medical expenses, borrow money from the bank for at least a day or two, and the formalities are troublesome, he does not want to open up to relatives and friends, then spending small micro-credit is indeed a very convenient helper.

According to Ant IPO documents, flowers and loans (flowers can only be used for consumption payments, loans can be withdrawn into cash) last year, more than 500 million active users, the average loan balance of about 2000 yuan, is one of the group's main sources of interest income.

A break, the word is rare in Hong Kong, more commonly used in the north, its Mandarin and "just", "bar" similar. So "flowers", "borrowing" is "flowers", "borrowing", there is a happy, convenient meaning.

The interest rate on borrowing flowers also varies from person to person according to the credit score, but is roughly between three and four per 10,000 per 10,000 per day, equivalent to an annual interest rate of about 10.95 per cent to 14.6 per cent. As an unsecured advance loan, the rate is not high, at least far cheaper than credit card overdrafts, which tend to be more than 30 per cent a year. In addition, the interest on the flower is calculated on a daily basis, the user only needs to deposit the money into Alipay, you can pay it back at any time, really "easy to borrow and pay back".

The problem is that everyone knows that "borrowing money is easy to pay back money", especially the grass-roots people, usually in an overspending, no way to go in the environment, only need to borrow small loans, equivalent to constant overdraft of future income, the interest burden can be said to be a hundred pounds. What's more, when young people develop the habit of "easy to borrow", they may be in a careless way to increase unnecessary expenses, such as changing their mobile phones, buying new shirts, traveling, etc., all of which are paid for with a small loan on their mobile phones.

"People are more dead than people", one of the most commonly criticized aspects of American capitalism is that it is through advertising and credit card loans and other means that it implicitly affects people's values and induces them to make unnecessary expenses.

Picture: Pixabay

Premier Li said earlier that 600 million people in China still make less than 1000 yuan a month, these families may be satisfied with a red egg for their birthdays, go to fast food restaurants to celebrate the original non-"must"; For example, a father may feel that he is not a competent father if he fails to celebrate his daughter at a fast food restaurant, and his daughter may feel that if his parents refuse to "borrow money" for him to have a birthday party, she will not love himself enough.

Open up domestic demand to touch the boundaries of values

Therefore, the more infectious this kind of advertising is, the more effective its values are. Just as some financial companies in Hong Kong advertise that people borrow money to have a facelift, hair loss, travel or a lavish wedding, it's another value kidnapping. As for a family of three warm birthday celebration ads, but also related to "emotional kidnapping" and "ethical kidnapping", the power is more grand.

When it it to spending future money first, Americans are seen as a classic example. But social media platforms such as Facebook, Twitter, and YouTube have long been in agreement not to accept any Payday Loan, which allows wage earners to borrow prepaid salaries before they are paid, which is very popular in the United States, rather than give up fat advertising fees to avoid being induced by advertising at the grass-roots level, "borrowing more and spending more" and falling into a vicious circle of relapses.

According to rumors, the United States intends to further sanction Alibaba (09988), Ant, Tencent (00700) and other Chinese Internet companies, as many commentators point out, these companies in the United States business share is very limited, the impact on existing revenue is small, the impact is mainly in the future international expansion space.

Despite the "going out" obstacles, China's 1.4 billion people "inner cycle" market still has great potential to open up. However, in the process of tapping domestic demand, there will be more values of the line of concern, regulations and industry self-discipline awareness also need to be further improved.

Written by: Gao Tianyou

Column: News reviews