Chinese people are becoming richer, and the wealth gap in China is, as expected, growing. The just concluded Spring Festival holiday saw consumption reach about 400 billion yuan ($60.69 billion), with many rich Chinese travelling abroad to enjoy their holiday and, with some of them, buying luxury goods.
The CLSA Asia-Pacific Markets has even forecast that China will become the top luxury goods’ market by 2020. In stark contrast, China’s per capita GPD is still about $4,000 (2010 figures), far below advanced countries’ average.
This article was originally published by China Daily.
The Global Policy Institute is a research institute on international affairs. It is based in the City of London, and draws on both a rich pool of international thinkers, academics as well as policy and business professionals. The Institute gives non-partisan guidance to policymakers and decision takers in business, government, and NGOs.
