With "Square Money", a new business targeting family members who want to have their own private savings, unveiled by Shanghai Pudong Development Bank in Beijing, Shanghai, Hangzhou, Wuhan and Shenzhen, private money, for the first time, has become a hot topic in China.

The Pudong Development Bank explained that the new business is designed to meet the demand of its clients. However, it has inadvertently made the personal issue of marriage a popular topic for discussion.

PRIVATE SAVINGS, PUBLIC ISSUES

"Private" (Sifang in Chinese), is a vague word in Chinese. In traditional Chinese society,if something is called private, it safely remains that way. The Pudong Development Bank named its newbusiness "square money", since it has the same pronunciation as "private savings" in Chinese.

A survey by a research institute of Peking University shows that more than 80 percent of the 1,350 couples surveyed hold theirown private savings, unknown by their spouses.

One thing is sure about the survey: it's a quotidian phenomenonfor married couples to have their own private savings, which have provided a market for new business promoted by the bank, said a consultant of the bank.

"Sometimes, it's not so proper to let family member know the spending, and private savings have served such purpose," said the consultant.

FREE LIVING SPACE GUARANTEED BY PRIVATE SAVING ?

Chinese marriage law stipulates that property acquired by husbands and wives during the period in which they are under contract of marriage shall be jointly possessed.

And so why the need to have "private savings"? Most of the surveyed only gave a very simple answer: "for freedom."

Zhang Li, who works at an advertisement company in east China'sHangzhou City, told Xinhua that with private savings, he has foundit's much easier to make his wishes come true, such as going to a party and making investment.

In his opinion, husbands and wives sometimes may hold differentviews at money spending. Private savings can make up for it, whichalso brings relatively free living space.

Wang Xiaozhang, a sociology professor of Zhejiang University, holds that if a family member exchanges private savings for a freelife, it just reflects lack of trust among family members.

INTANGIBLE RISK IN MARRIAGE?

Although the Pudong Development Bank takes a low-tone attitude toward its new business, it has still aroused disputes.

Wang Xiaozhang criticized the "square money" business for encouraging couples to hide their properties, and will trigger marriage risks.

Some other people hold that the private savings phenomenon is afact. As for the possibility of risks, it depends on the role played by money in the marriage.

Dale Carnegie advocated that men and women in modern society should possess their own private savings. His advice is being realized by the Chinese couples.

Source: Xinhua