Northwestern University Business Review 2006, 7: Law and Business

Author: Li Yining, Editor-in-Chief
Publisher:
Publishing Time:
Features: Economics and law have long been a pair of twins. How should Chinese enterprises understand, adapt to, and even control the business 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 luxury market is expanding rapidly. 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 one hand, some people have rapidly become wealthy, accumulating substantial wealth, but on the other hand, there are still over 20 million people with an annual income of less than 3,683 yuan ($530) per capita, living in absolute poverty. Under such circumstances, advocating the consumption of luxury goods is undoubtedly detrimental to a harmonious society and directly contradicts General Secretary Hu Jintao's advocacy of the "Eight Honors and Eight Disgraces."