Iceland has been severely hit by the global financial crisis. Its national currency slumped by more than two-thirds when the economy fell apart at the beginning of October.

300,000 people live in Iceland, including nearly 300 Chinese.

Zhang Keyuan, Chinese Ambassador to Iceland, said, "Chinese people have their own traditional culture. They usually save money. So the financial crisis hasn't affected them so much."

People now have become very economical on issues of clothing and food in Iceland. This affects the Chinese catering industry.

Chinese restaurant owner, said, "Restaurants have been affected very much. My turnover has been reduced by 30 percent."

Jia Changwen's business has lost a lot of money. But he is still confident about the future.

Jia Changwen said, "Chinese people usually save most of their earnings. Icelandic people usually spend most of their earnings, even overspend with their credit cards. I think Chinese people will be able to endure the hard times."

China's traditional way of existence has protected Chinese people living in Iceland as they have lost less money than other people.

(CCTV December 16, 2008)