Confucius and credit
- Justin Trudeau’s India visit sinks into controversy over dinner invite to Khalistan terrorist
- PNB says transferred 1,415 employees since 19 February
- Electoral bonds on sale from 1-10 March at select SBI branches: finance ministry
- PNB fraud: Nirav Modi says can’t depose before ED, gets fresh charges in reply
- Uddhav Thackeray targets Modi govt over PNB fraud
Call it the curious case of Confucius meeting the market.
The city government of Shanghai has said it will cut the credit score of any citizen who does not take care of his or her elderly parents.
There are several lessons to be gleaned from this move.
First, decades of strict birth control has left China with too few children to take care of their parents.
Second, the weakening of family ties matters more because China has not been able to build a welfare state for a rapidly ageing population.
Three, the fact that the government has decided to use credit scores as a stick shows the culture of debt has seeped deeply into urban China.
But most of all, it shows a growing tension between a traditional society that believes in the Confucian culture of filial duty and a modern consumerist capitalist culture that revolves around credit scores.
It is not surprising that communism does not feature anywhere in this.
Only a few naive Indian comrades see China as a communist country.