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Among the designer brands from Prada to Chanel at the Harrods flagship store in London, Chinese housewife Li Yafang spotted a logo she knows from back home: the red, blue and green of UnionPay cards. “It’s very convenient that I can now use my UnionPay card” to shop abroad instead of carrying a stack of

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Chinese consumers are tightening their grip on the luxury goods market. An estimated 25% of the world’s luxury purchases are now made by Chinese nationals — a five-fold increase from 5% in 2007, according to a new report from global bank HSBC. “We do not think China’s luxury sector is even close to being mature,”

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The stereotype of today’s luxury consumer is a Beverly Hills heiress or a New York financier. But the future of luxury may ride on a different demographic: young Chinese women. According to a new report from Wealth-X, there are more than 2, 700 women in China who are now worth $30 million or more. They

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Chinese travelers are seeing the USA in record numbers Eager to spend their growing disposable income, travelers from mainland China’s wealthy and rising middle classes are traversing the globe in search of iconic destinations they can cross off their bucket lists. That wanderlust has increasingly brought them to a dream destination, the USA, in recent

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Chinese tourists have developed quite a reputation for dropping big bucks during their US travels. According to the Department of Commerce of the United States, on average, Chinese tourists each spent 37.5 thousand yuan, or approximately 6,000 US Dollars in 2011. It’s not quite the weekend yet, but stores at the Leesburg Outlets near Washington

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In 2012, businesses around the world will shower Chinese customers and visitors with even more tailored services and perks, and in general, lavish attention and respect. China is the new emperor, and outpaced companies, flailing nations and even broke monetary unions are looking to the Chinese to bail them out. No wonder red carpets are

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Su Ning, Board Chairman of China UnionPay Co Ltd-the country’s only card network, and a former deputy Governor of China’s central bank, said that overseas consumption from China continued to surge dramatically last year.  Chinese residents spent 300 billion yuan (US$47.54 billion) overseas through UnionPay bank cards in 2011, up by 66.7 percent from the

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Visa and MasterCard will be pleased that the WTO ruling on July 16 broadly supported a U.S. Trade Representative complaint that China UnionPay holds a monopoly on yuan-denominated payment cards issued and used in China. Making inroads into the Chinese domestic payment cards market will still be painfully slow for foreign schemes, however. They will

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Chinese credit card usage growing quickly, study finds (Phys.org)—In the past two decades, the Chinese economy has undergone many drastic reforms in an effort to compete more effectively on the international market. These reforms included allowing foreign banks to offer credit cards to Chinese citizens. Now, researchers at the University of Missouri have found about

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In 2011, the number of payment cards worldwide rose 12 percent to 8.9 billion. More than half of this increase was attributable to growth in China, where card issuance extended to rural communities and migrant workers. This is one of the key findings in the RBR study, “Global Payment Cards Data and Forecasts 2011-2016.” The

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