From Xinhua – English:
Not only are most Chinese inclined to hide their wealth, they even insist they do not have money.
The disinclination to show wealth has been ingrained in the Chinese culture since ancient times. People today are becoming even more private about their income. Psychologists believe this attitude derives from China’s thousands of years of cultural tradition, evidenced in proverbs like “a prominent bird gets shot” and “a blossoming tree will be eventually destroyed”. They summarize the essence of Chinese social experience, and reflect certain characteristics of Chinese society to some degree.
Exerting a profound influence on Chinese culture for thousands of years, Confucius’ doctrine of the Golden Mean promotes a humble, calm way of life. Thus formed the Chinese people’s unique psychological quality of disliking self-publicity.