| Overheated luxury consumption harms China's economy |
| Wednesday,July 11,2007 Posted: 11:11 BJT(0311 GMT) Chinanews.cn |
Chinanews, Beijing, July 11 –China has surpassed Japan to become the biggest consumer of Rolls-Royce. In fact, luxury is leading the trend of consumption in urban China, as it is now one of the biggest luxury markets in the world, despite the fact that China is still a developing country. Overheated luxury consumption was also an important topic at the 18th Meeting of the 10th Standing Committee of the Chinese People’s Political Consultative Conference (CPPCC), China’s top advisory body. Nowadays, many urban Chinese update their cellphones, computers and TV sets more often than needed, which is obviously against China’s goal of building a conservation-oriented society. Many members of the Standing Committee of CPPCC call for the issuing of related laws and regulations to control extravagant consumption. Extravagant housing poses severe problems, too. For example, the average floor spaces of newly-released houses in 40 big cities are 115 sq m. In 24 of them, the floor spaces of more than 50% of commercial housing available are larger than 120 sq m each. However the average floor spaces of houses in developed countries like Sweden, Germany and Japan are no bigger than 100 sq m. “No country in the world could survive such a fast development, for it has become too heavy a burden upon our ecoenvrionment and resources. Besides, our goal has gone too far beyond our reality. However, the general public know nothing about it at all,” said Lu Zhiqiang, a member of the Standing Committee of CPPCC. Apparently, China will not be able to maintain a sustainable development if the extravagant consumption and rash advance are allowed to continue. |
| (Source: English Site of Brunei) |
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