Chairman Mao was a fan of practising diligence and frugality for China. He preached back in 1955 that to make China prosperous and successful it would take several decades of diligence and frugality. And now with perseverance China has made it. 50 years down the track China has become a superpower. China holds many of USA's bonds and currency. China has such a strong financial grasp over USA now that commentators are dubbing the relationship as "Chimerica". The amazing relationship between a big spender (USA) and a big saver (China). Being frugal at a macroeconomic scale has brought rewards to China in the long run. For individuals, would you have the same level of perseverance, diligence and frugality to succeed financially?
Diligence and frugality should be practised in running factories and shops and all state-owned, co-operative and other enterprises. The principle of diligence and frugality should be observed in everything. This principle of economy is one of the basic principles of socialist economics. China is a big country, but she is still very poor. It will take several decades to make China prosperous. Even then we will still have to observe the principle of diligence and frugality. But it is in the coming few decades, during the present series of five-year plans, that we must particularly advocate diligence and frugality, that we must pay special attention to economy. From - Introductory note to "Running a Co-operative Diligently and Frugally" (1955), The Socialist Upsurge in China's Countryside, Chinese ed., Vol. I.