China’s New Status Symbol: A Pilot’s License

With at least three hundred private jets plying Chinese airspace—two thirds of them without legal registration—some among China’s new rich are aiming to stand out by learning to fly their own planes. From Jing...

The New Rich In China: Why There Is No New Middle Class – David S G Goodman

From Asian Currents: Economic reform in the People’s Republic of China [PRC] since 1980 has seen the emergence of new categories of wealth and power. Collectively and colloquially these categories have been referred to as the ‘new rich’. They have also been referred to both inside and outside of the PRC as the new middle […]

More Restrictions on Celebrities’ Family Planning – Josie Liu’s blog

Another hurricane coming? This time a family planning crack-down on the rich, possibly with a new “birth credit report.” From Josie Liu’s blog: A state government official said on Wednesday that celebrities would be barred from entering awards competitions if they break the one-child policy, several Beijing newspapers reported. A government inspection in four cities […]

‘New social stratum’ playing important role in China – Xinhua

From Xinhua: The Chinese government has publicly praised the contribution of private entrepreneurs, small-business owners and managerial-level staff in private or foreign-funded enterprises to the country’s economic development. It considers 50 million such professionals as members of a “new social stratum”, who possess or manage capital totaling 10 trillion yuan (about US$1.3 trillion). “This ‘new […]

Elite Prefer Traval, Sports to Family Time – AP

Unlike Westerners who value family more than most things (e.g. excuses most executives give for resignations), wealthy Chinese think family time is seventh most important thing. From AP via China Daily: China’s newly wealthy rank travel as their top leisure activity, while spending time with their families places a distant seventh, according to survey results […]

Chinese Man Buys eBay Fighter Jet – AP

From AP, via Wired News (link): A Chinese businessman has bought a MiG-21f plane from a U.S. seller on the online auction website eBay for $24,730 and plans to use it to decorate an empty space at his offices, a newspaper reported Sunday. The Beijing News newspaper identified the Chinese buyer as Zhang Cheng. “I […]

China Promises Equitable Growth – Edward Cody

From The Washington Post: The Communist Party vowed Friday to spread the benefits of economic growth more fairly among all levels of Chinese society, seeking particularly to close the wide income gap between farmers and city dwellers. The pledge, issued by the Politburo, the country’s top policymaking body, was seen in part as a response […]

Rich getting richer in China

From Radio Australia: In China, fresh evidence suggests the gap between the nation’s wealthy and poor is widening. A survey by the National Bureau of Statistics shows 10-percent of China’s richest enjoy 45-percent of the country’s wealth, while the poorest 10-percent share just over one percent. The survey, which polled 54,000 urban and rural households, […]

Elaine Kurtenbach: Makers of Luxury Goods Focusing on China

From the AP, via the Washington Post: To meet soaring demand for Asia’s newly affluent, venerable names such as Prada and Giorgio Armani are setting up stores as quickly as they can _ and even considering making some of their products here. “China is certainly the most prominent and most important market we have in […]

Peter Dixon: China fights shy of a game for the masses

From the Times: Thirty-five miles north of Beijing, the capital, the opulent Pine Valley Golf Resort and Country Club is in a spectacular setting. Surrounded by mountains, there are places on the course where it is possible to view the Great Wall snaking its way up the precipitous slopes. But most obvious for all to […]

Daniel Griffiths: Abduction warning to China’s rich

From BBC NEWS: China’s newly rich are increasingly vulnerable to abduction The Chinese government has warned its wealthy citizens about the danger of being kidnapped for ransom. The Ministry for Public Security said nearly 4,000 people had been kidnapped in the country in the past year. The numbers are similar to 2003. But the ministry […]

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