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While older people in China typically believe that saving is a virtue, their children might have other ideas. Many young people refuse to 1) _E_ with the traditional wisdom. They prefer to spend their money, buy now, and worry about paying later. According to a recent report, China’s household savings rate has 2) _O_ in recent years. The younger generation is more willing to spend money on fine food, tourism, gymnasium and fitness 3) M_, and high - tech products. Some of them spend all their salary by the end of each month, with part of the salary used to 4) _L_ loans. In recent years, Chinese banks and finance companies have launched various kinds of consumer credit services to encourage consumption. Unlike 5) _I_, they don’t require guarantees (抵押品). The services have quickly become popular with the younger generation, who are also the main force for mobile payment, and are willing to 6) _H_ new technology and financial products. Generally, consumption on credit can be 7) _B_ to the development of the financial and retail sectors, and will eventually 8) _C_ economic growth. However, to ensure the healthy development of consumer finance, it is important for financial institutions to manage the default (违约) risks, especially for people who have 9) _D_ debts and may have difficulty in repaying their loans. It is also important to educate young people about the importance of maintaining a good credit record, especially for those easily 10) _N_ by compulsive buying. They need to know a good credit record is important for their financial well - being