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Sunday, November 4, 2007

Chinatown's Hidden Side

Time Magazine's article about Hillary Clinton's Chinatown donor issue gives some interesting peeks into Chinatown Culture.

Key points from the article:

  • Chinatown economies are built almost entirely on cash transactions, tremendously high savings rates and a tradition of financial secretiveness.
  • Few Chinese-American workers in New York City's several Chinatowns will reveal how much they really make.
  • It is not uncommon to see waiters and dishwashers among other so called menial workers who are capable of paying for cars, plunking down large initial premiums for insurance policies or making sizable down payments on homes or apartments — in cash.
  • Banks of Chinatown centered in Canal Street in Manhattan have combined deposits of $6 billion, behind only the ritzy Upper East Side ($8 billion) among New York City neighborhoods.

What the article missed was the province/ethnic origin angle in Chinatown of the donors (Fujian) that I mentioned before Chinese Associations & Clinton Fundraising

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