Profile
Rich man, poor man
By Wang Wen (China Daily)
Updated: 2010-03-09 10:45
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At opposite ends of the financial spectrum, two men tell METRO reporter Wang Wen how the widening wealth gap has shaped their lives
The view from the top
Secure foundations provide support for entrepreneurial growth
Xu Jun, a 25-year-old who owns a 150-sq-m apartment in Beijing and a restaurant and clubhouse in Qinhuangdao, Hebei province, is a member of the rich second generation.
METRO: What was your childhood like?
A: I grew up in Jilin city, Jilin province. I came to Beijing in 2004. When I was very young my parents opened a shop in Jilin selling sea cucumbers. Eventually they opened several shops all over the country.
I went to a middle school, which enrolled children from rich families and charged tuition fees twice as much as public schools.
The school closed down several years ago because of its low quality. But fortunately, when I studied there the education quality was good.
My parents still live in Jilin. But my father, who is president of our company, doesn't work much any more, he just makes the important decisions for the company. It is time for my parents to have a rest.
METRO: Do you have any sisters or brothers?
A: Yes, I have a younger sister, who is a junior student in high school. She studies well but my parents spoil her. She is a princess.
METRO: What did you study in college? Why?
A: I studied law at the China University of Political Science and Law in Beijing. I did not think much when choosing my major. It is what I liked and what I wanted to learn at that time. However, it helps with my business now. When I discuss contracts with suppliers and other partners, my knowledge helps a lot.
METRO: What did you do after graduation?
A: I went back to Changchun to work as an intern in a shop owned by my father's company. In June 2009, I went to Qinhuangdao to open my own company.
My father's company invested about 1,5 million yuan in my company. However, I have the final say. I wanted to have my own business and my parents supported me. I opened a 600-seat restaurant and clubhouse in Qinhuangdao.
METRO: What are your criteria for a girlfriend or wife?
A: Filial obedience and good appearance. Independence is also important. She should be able to manage on her own. I do not want a girl who is dependent on others.
METRO: Are you a spender or saver?
A: Half-half. I spend half my income and save half. Sometimes, money is needed suddenly, so saving money can help in an emergency.
METRO: How much do you spend on your credit cards every month?
A: I only spend a little now in Qinhuangdao, because it is a small city and I am too busy to spend money. However, when I studied in Beijing, I charged about 20,000 yuan to my credit cards every month on average.
I have many friends in Beijing and we often hang out together. It costs a lot and now I usually spend more than 15,000 yuan in cash every month.
METRO: What's the most extravagant thing you have bought?
A: You mean luxury products besides a house and car? I think it is a mobile phone. The Vertu cost me more than 60,000 yuan, but I regret buying it. I don't think I am rich enough to use such an expensive phone. But I am an impulsive consumer.
METRO: Do you have a house in Beijing or Qinhuangdao?
A: I do not have a house in Qinhuangdao yet. I live in my clubhouse. I bought a 150-sq-m apartment near Beijing's East Fourth Ring Road two years ago. It was not very expensive when I bought it, about 15,000 yuan per sq m.
METRO: How about your car?
A: I drive an Audio Q7 now. It cost more than 1.2 million yuan when I bought it in 2008. I used to drive a sports car when I was at university. Now I'm a businessman, so I changed to the Audi.
METRO: Where did you go for your last trip?
A: I just got back from Sanya on Feb 11. The 10-day trip cost me 15,000 yuan. It was cheap because I went there alone. I had never been to Sanya before. I don't really travel a lot. I spend most of my time hanging out with my friends when I'm not busy.
METRO: What is your life plan for the next 10 years?
A: I am trying to develop the business and I plan to open two clubs every year in second-tier and third-tier cities.
I want my company to be a chain brand within five years and I will consider having it listed in the future. But basically, I want to find a good wife. I am a homebody.
Prudence is key to life
Poor childhood makes scrimping and saving the focus for future
Yang Li, a 28-year-old who works in a financial company in Beijing, is a member of the so-called poor second generation.
METRO: What was your childhood like?
A: I grew up in Zhangjiakou city in Hebei province. My parents did not have stable jobs. My father sold fruit on the street. It was the only income for my family.
My school record was not very good in high school. I entered a university in Langfang, a city in Hebei province, it was on the lowest level of universities.
After graduation, I came to Beijing in 2008 because I thought there would be more opportunities here.
METRO: Do you have any sisters or brothers?
A: Yes, I have a younger brother who is 20 years old and he too has a job in Beijing. He doesn't need my financial help.
METRO: What did you study in college? Why?
A: I studied business administration in college.
There is no why really. Because of my low score in the entrance exam I could only study this in the college.
METRO: What did you do after graduation?
A: I joined the company I work for now as soon as I graduated. I sell securities.
I think it is a job with bright prospects, although it is not that suitable for my major. I learned through experience.
METRO: What are your criteria for a girlfriend or wife?
A: She should be pretty, but she doesn't have to be very pretty.
She should be honest with me and have a steady job. She should also be able to endure hardship if necessary.
METRO: Are you a spender or saver?
A: I am totally a saver. I don't have a steady income, which depends on my sales performance. I usually make several thousand yuan a month.
I save almost 90 percent of my income in the bank every month. The rest is spent on basics such as food and apartment rent.
METRO: How much do you charge to your credit cards every month?
A: I don't have a credit card.
METRO: What's the most extravagant thing you have bought?
A: I think it's electronic products, such as a digital camera. I am going to buy a new mobile phone soon. I plan to spend 2,000 yuan on the phone. It will be the most extravagant thing I have bought.
METRO: Do you own an apartment in Beijing?
A: No. If my career goes well in Beijing, maybe I will buy an apartment in the future. I rent a room near the Third Ring Road for 800 yuan a month. However, if it does not go well, I will go back to my hometown in Hebei province. It is tiring living in Beijing because of the heavy pressure.
METRO: How about a car?
A: I don't have a car. I can actually afford one, after all they are cheap now, but I don't think a car is that useful for me. I take a bus to work every day. It takes about 40 minutes.
METRO: Where did you go for your last trip?
A: It was in July last year. My company arranged for the staff to go to Beidaihe in Hebei province and the company covered all the costs. I did not spend any money on the trip.
METRO: What is your life plan for the next 10 years?
A: I want to improve my life. I want to have a spacious apartment in Beijing, a car and a family.
The most important thing is that I can afford what I want. I will continue working hard in Beijing to achieve this.
