Spending frenzy for China's wealthy
From Jaime FlorCruz
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Chinese policemen admire a Ferrari.
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BEIJING, China (CNN) -- Chairman Mao might have turned in his grave had he seen the convoy of Ferraris parade by Tiananmen Square, swing under his huge image overhanging the entry to the Forbidden City and roar right past his mausoleum.
In defiance of Mao's old slogan, "simple living and hard struggle," many Chinese are amassing so much wealth that nearly one hundred mainland Chinese can afford a brand new Italian sports car.
"The number is growing," says Richard Lee from Beijing's Italian Motors. So who, exactly, is buying these much desired autos?
"There are people involved in, of course, investment, building up their own business and there are people from like, the entertainment circle. Actors, singers ... you know," Lee explains.
They are China's new elite, who aren't afraid to splash around their hard earned yuan in a booming economy. According to Lee, they have one thing in common.
"They appreciate the fine things in life, and they are not shy to show the case," he says.
Wealth and chic were also on display when Louis Vuitton threw a party to celebrate its ten-year anniversary in the Chinese capital.
The company's boss recalled opening his first store in Beijing ten years earlier when only twenty people turned up to the opening cocktail drinks.
That is a far cry from the crowds of wealthy looking Beijingers that milled around the packed room a decade on.
These people are part of an exclusive crowd who can afford fine clothes, fine wine and fine jewelry, according to Bulgari CEO, Franco Trapani.
"There are a number of people that are willing to spend a huge amount of money, provided you are able to provide them with tip-top quality stones," he said.
As businessmen join the Communist Party and wealthy Chinese begin to travel the world, international luxury brands are rushing to meet the growing demands of China's bourgeoisie.
Lee says the demand for luxury goods in China has only just started.
"This is first gear. So we are now shifting into second gear. And the future is very promising," he says.
Still, only a very tiny minority are striking it lucky in China, and the new rich are still having to negotiate their way though the have-nots.
But they can take inspiration from another late Chinese leader, Deng Xiaoping, who said "to get rich is glorious."
