Agenda-setting intelligence, analysis and advice for the global fashion community.
Two weeks ago, Chinese President Xi Jinping said he planned to curb “unreasonable incomes” as part of a “third redistribution of wealth” aimed at expanding the country’s middle class. The same day, shares in luxury goods giant LVMH fell by more than 5 percent. At face value, President Xi’s comments sounded like encouragement for Chinese billionaires and profitable Chinese corporations to commit more to charitable donations. But economists writing in Chinese media have recently argued for the gradual introduction of real estate and inheritance tax — starting first with a single province to test its effects — with the goal of curbing inequality and building “an olive shaped society.”
Please sign in to ensure you can read our agenda-setting intelligence, analysis and advice. Or get in touch at support@businessoffashion.com if you experience difficulties.
