A survey of people in China's 10 largest cities shows that saving money for children's education constitutes a universal feature of their saving habits.
The survey was conducted by the Chinese Academy of Social Sciences as part of a cultural industry development report for 2005. It finds "saving money for children's education" ranks as the second most important purpose of people's saving behavior, after only "saving for emergencies."
"The results show people attach great importance to education. They also indicate the potential of the education market is very big," said an expert with the academy.
The survey was conducted in Beijing, Shanghai, Guangzhou, Shenzhen, Chengdu, Chongqing, Wuhan, Xi'an, Shenyang and Nanjing.
The academy's research also shows that spending on cultural and educational matters accounts for 12.6 percent of Chinese urban households, the second biggest item after food. The percentage is 11.2 percent for rural households, the third biggest after food and housing.
(Xinhua News Agency February 18, 2005)
