-No.7 Vol.24 2006/07

Author: Li Yining / Country: Mainland China
Publisher:
Publish Date: 2006-07-01
Features: Economics and law have always been a pair of twins. How should Chinese enterprises understand, adapt to, and even control the commercial legal environment they are in? What factors drive the reform of China's economic and legal system?
Advocating nobility, opposing extravagance: In recent years, seminars, promotions, and exhibitions on luxury and luxury goods have become a trend. This is because the market for luxury goods is rapidly expanding. An international research institution predicts that by 2015, China will become the second-largest luxury consumption country in the world after Japan, with consumption reaching $15 billion. Today, in China, on the one hand, some people have quickly become wealthy, accumulating substantial wealth. On the other hand, there are still more than 20 million people with an annual per capita income of less than 683 yuan ($100) living in absolute poverty. Under such circumstances, advocating the consumption of luxury goods is undoubtedly detrimental to a harmonious society and directly violates the "Eight Honors and Eight Disgraces" principle advocated by General Secretary Hu Jintao.