As China struggles to boost consumer spending, a professor at one of the country’s top universities has argued that authorities first need to overcome a psychological barrier: a deep-seated “luxury-phobia” that has taken hold among the Chinese public. The suggestion by Su Jian, a professor at Peking University, comes amid a debate in Chinese policy circles about how to revive the country’s sluggish demand, with retail sales slowing despite government efforts to rebalance the economy towards a…
People worldwide are starting to discover that there is more to life than something “pearl-encrusted” or yachts and such.