Banking Options in China Growing

From Access Asia Weekly Update

In this newsletter, we have often bemoaned the lack of investment opportunities for China’s dedicated savers. Lousy interest rates, a dead dog stock market and few financial products have all meant that property became the only game in town (legally at least). More banks could be helpful ““ private ones etc. Well, Shanghai is getting a new private bank that reflects perhaps both the traditional urge to save and the pressure people suffer from not seeing their investments grow. This month the Wenzhong Sperm Bank ““ officially Shanghai’s first bank in the city “engaged in offering sperm storage service for young men”Â? is opening for business. The Bank is targeting young Chinese men between 20 and 25.
 
It seems the pressures of Shanghai life ““ “study or career development and fierce social competition”Â? ““ are deterring young men from using their sperm enough. Apparently other factors affecting the value of deposits are “Environmental, chemical factors and microwave radials”Â?. Of course there is a cost ““ approximately US$350 the first year for a medical examination and the storage of semen, and then just RMB200 annually for storage in the following years. The use of the term “Ëœbank’ has excited many money-conscious young Shangainese males ““ so much so that Li Zheng, the director of the Shanghai Municipal Human Germ Cell Bank (HGCB), felt compelled to explain that, “banking sperm is different from banking money. You can take out money later, but getting sperm stored doesn’t mean you’ll be able to automatically make a withdrawal later.”Â? One thing remains worrying for analysts in Shanghai ““ so far the tendency is for over-investment in key sectors in the city, and after the stocks bubbles and the property bubble, we really don’t think we can face the great Shanghai sperm bubble.