With China’s increasing affluence, the nouveau riche are investing in art and cultural artefacts. Wu Zetian’s pleated skirt, exquisite paper from the Southern Tang dynasty, a painting by early 20th century painter Qi Baishi — authentic or not, all are fair game and acquired at the best price. What a shame, says cultural historian Cheng Pei-kai. If only the collector’s hand is not sullied by such commerce.
“Little sisters” — young women urbanites between 20-40 who have high spending power and little financial commitments — are the new darling demographic for those targeting China’s domestic market. In fact, the 2020 market size of the “little sisters economy” in China is expected to reach five trillion RMB. In keeping their buy-in, integrating e-commerce with social apps is key.
Zaobao's Beijing correspondent Yang Danxu often marvels at the spending power of Chinese white-collar workers around her, and she too was surprised when Chinese Premier Li Keqiang remarked that China has 600 million people with a monthly income of 1,000 RMB. That is more than 40% of the Chinese population, and the figures portray a reality that is starkly different from common perception. Are Chinese people moving up the income ladder and are their lives becoming better as is the common refrain? Yang examines the facts.
China’s “middle-class wannabes” live on the margins of a lower-middle class income, leading seemingly glamorous lives, but what goes on behind the scenes is a life laden with tough challenges and insecurities.