Do not be fooled by how young this boy looks -- he has a credit card with over one million yuan on it, and uses it to buy his friends lunch and presents.

According to a report on Shanghaiist, the third grader's teacher had been concerned that the boy was impoverishing himself for his classmates.

She then made him take her to an ATM to check his credit card balance, and was surprised to discover that it still had over a million yuan in it even after splurging on his friends.

The boy told her that his father had given him the money to learn about 'financial management'.

However, his parents told a different story when contacted.

Eager to impress his classmates, the boy had hoodwinked his father into telling him his pin number so he could use his credit card to pay 'tuition'.

The card has since been returned to the boy's father.