Whilst the tightened curbs on capital outflows and closer scrutiny on deals saw Chinese outbound investment plunge 29.4% last year, the Dog has started off with some well-known foreign brands becoming Chinese-owned, as Chinese companies continue to extend their global reach and appeal through acquisitions. The string of recent high profile investments mostly concern European luxury brands following 20% growth in the category in China last year, and Chinese nationals making up a third of global luxury purchases.
Overall, spending during China’s mega-festival increased 10.2% on last year – a sign that Chinese consumer confidence continues to bubble along, although it was slower than last year’s 11.4%. Other categories that saw runaway growth included smart home appliances and cinema, which jumped 67% from last year. We hope your fortunes follow suit this year. Go to Page 2 to see this week’s China news and highlights.