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China does not want people flaunting their wealth
Especially not on the internet
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Luxury brands are lowering prices as unsold inventory piles up, with Chinese consumers becoming more frugal.
PHOTO: REUTERS
The Economist
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Mao Zedong persecuted the rich. But his successor as paramount leader, Deng Xiaoping, decided to “let some people get rich first”, as he launched market-oriented reforms. Now a growing number of Chinese are rich – and the pendulum has swung back, with the government cracking down on ostentatious displays of wealth.
Online influencers are the state’s main target. Until recently, these (mostly young) men and women flaunted their luxury goods to millions of followers. In recent months, though, many have had their social-media accounts suspended by China’s internet regulators.
