China Celebrates Boom at Shanghai Luxury Fair – Reuters
Fancy a diamond-encrusted cellphone for $3.5 million, or a gold-plated, musical Swiss watch costing more than $2 million?
Those luxuries, and thousands like them, were on display at a weekend Millionaire Fair in Shanghai , a lavish exhibition targeting the ranks of newly rich created by China’s economic boom and a stock market bull run.
Hundreds of wealthy Chinese — many of them dressed casually in sportswear or slippers, and indistinguishable from pedestrians on the streets outside — crowded the exhibition hall, looking for ways to spend their money.
Concerned by social tensions caused by the widening gap between rich and poor, Chinese leaders are promising more policies to reduce income inequalities. Higher import duties were imposed this year on luxury goods from cosmetics to golf clubs. [Full Text]