China luxury industry prepares for boom

China's economic growth over the past few years has given rise to a new wealthy elite looking for ways to spend their money. "You can see it in designer shops in Shanghai and Beijing," says Angelica Cheung, the editor-in-chief of the newly launched Vogue China. "People who are not particularly tastefully dressed go into shops with briefcases of cash and say 'I want that one.

What's this; oh it's an Italian brand. Yes, then I want that'." According to a new survey by Ernst and Young, China is expected to surpass the United States to become the world's second largest consumer of luxury goods within a decade. Japan currently dominates the global market, with 41% of all luxury brand sales. It is predicted China will have a 29% share by 2015. Sales of luxury cosmetics and clothing are growing at 20% a year. (BBC News)

Them folks over in big red is sure booming big time, all thanks to the late Deng Xiaoping, he once said "Poverty is not socialism. To be rich is glorious." That sentence alone tells you alot, he changed the old Marxis thinking of a collective economy of self sufficient to a trading powerhouse now. Instead of changing the politics, which is too deep rooted, he changed the economy system, providing freedom to commerce.

An ideology fusion, one should not follow the original idea to the tee, as time change, so must ideas. I'm no social boffin neither am I a communist, but I do admire the man when I was growing up. It is amazing, that one man can plan and reform the country's future, a country as big as China...imagine to consequences of failure? Truly, one of the great leaders of the 20th century....few current leaders is at his level of greatness.