Youth slips away easily; we must treasure our time.
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Literary and somewhat poetic. Common in mottos and graduation speeches: 莫负韶华 mò fù sháohuá ('don't waste your youth') and 不负韶华 bù fù sháohuá ('live up to your prime years') are near-stock phrases.
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韶 sháo originally referred to a legendary court music of the sage-king Shun — beautiful and refined. Combined with 华 (splendor), it paints youth as something musically radiant.