"Overall spending by wealthy Chinese fell by 15% in 2013, the third consecutive year of decline, according to a survey by the Hurun Report. Spending on gifts in particular also declined by a quarter."The drop coincides with a government crackdown on corruption and gifting, as well as a growing penchant for travelling and shopping overseas to circumvent Chinese consumption taxes on luxury goods as high as 40%."The shrinking ranks of wealthy residents in China has also reduced luxury spending. One in three so-called high net worth individuals have already left, or are planning to leave, the country, the report showed, mostly to seek better opportunities for their children's education."
"We're running the risk of being content with inflation running consistently below our target. That's inappropriate."My point is simply we need to do more. If the committee chose to do that through more asset purchases that'd be fine with me. But we have to be doing more."