[Beijing Diary] Chinese Youth Collecting Golden Beans

"I collect a few gold beans every month and put them in a glass jar. Just looking at them makes me happy." "If you collect two 1g gold beans each month, you can make a gold bracelet in a year."

Searching for 금콩 (Geumkong) on China's social networking service (SNS) Douyin yields countless short videos. The protagonists in these videos show off small, round gold pieces with joy and explain the benefits of investing in gold beans. Collecting gold beans like this has recently become a trend among young people in China.

Sharing one's progress in collecting gold beans on social networking services (SNS) has also become a cultural trend. (Photo by Xiaohongshu)

Gold beans are easily available on major e-commerce platforms like Taobao and JD.com, with prices around 450 to 500 yuan (approximately 80,000 to 88,700 KRW) for a 1g piece as of the afternoon of the 14th. They are also called gold melon seeds or gold rice. As sales increase, banks have also joined in selling gold beans directly. The Industrial and Commercial Bank of China and the Construction Bank have even introduced ultra-mini gold medals with slightly more weight.

Why are young Chinese so obsessed with collecting gold beans? The main reasons are that the price itself is not high, making the entry barrier low, and that it can be a good financial investment if gold prices rise. Unlike other investment methods such as stocks or funds, there is a tangible physical asset accumulating before their eyes, which adds 'fun' and 'satisfaction.' Another advantage is that, unlike gold rings or gold toads, there are no additional crafting fees.

The China Securities Journal recently interviewed Xiao Zhang, a young office worker in Beijing who invests in gold beans. He said, "I buy gold beans when I'm happy or sad," explaining, "Collecting gold satisfies my desire to consume and ultimately helps me save money." He added, "Seeing the gold beans pile up in the jar gives me a sense of accomplishment and relieves stress."

Watching the gold bean investment craze, one gets the impression that China's domestic demand slump may not end soon. Young people want to spend money but the situation is unfavorable, so they collect small gold pieces with relatively good liquidity, merely mimicking consumption. Behind this lies the bleak reality of the youth unemployment rate, which hit a record high of 20.8% in May.

Geumkong can also be easily found on e-commerce platforms. (Photo source= Taobao capture)

Chinese President Xi Jinping has shown a somewhat cynical attitude toward the trend among young people who avoid low-wage labor. He has always emphasized to young people to "buy hardship" in the past. His recent message that if there are no jobs, they should go to the countryside and become farmers is in the same vein. Having been forced to do hard labor in the countryside during the Cultural Revolution, President Xi is unlikely to embrace the current generation's dissatisfaction with a tolerant perspective.

Looking at related products on the mobile app of the Bank of China, which sells 1g gold beans, they introduce them as "a design symbolizing hope," conveying "infinite possibilities and blessings for a hopeful future." Unfortunately, reality seems quite the opposite. It is unclear how young people will express their anxiety and dissatisfaction in the near future. For now, they have only temporarily suppressed it with gold pieces smaller than beans.

This content was produced with the assistance of AI translation services.