Legacies shrink as economy gets weaker

Faced with a harsh economic reality, Chinese parents are less willing and have fewer assets to pass down to their children than their foreign peers, according to a survey published on Monday.

The survey by HSBC Life Insurance Co Ltd, which polled more than 16,000 people in 15 countries and territories worldwide, found out that nearly three in five, or 59 percent, Chinese retirees expect to leave an inheritance of at least 418,000 yuan ($68,800) to their offspring.

That compares with a global average of 69 percent, with an average bequest of $148,200.