China should raise luxury tax rate to promote thrift: official

Source:Global Times Published: 2019/3/10 18:08:40

Chinese customers visit the Galeries Lafayette department store in Paris File photo: VCG

China ought to raise the tax rate for luxury goods to promote thrift and restore the traditional Chinese virtue among the young generation, said Cui Bo, a member of the National Committee of the Chinese People's Political Consultative Conference and an official of Northwest China's Ningxia Hui Autonomous Region. 

"China has become the world's largest consumer market for luxury goods… Some young people have limited savings but are keen on buying expensive goods. They borrow for such consumption, and this excessive consumption pattern has made them spend out their earnings every month," Cui said during the ongoing two sessions. 

The rise of consumerism and money worship in China is squeezing traditional virtues such as diligence and thrift, Cui added. 

As such, he urged Chinese policymakers to speed up legislation to curb unnecessary luxury spending. 

For example, Cui suggested that China raise the cost of splurging on luxury goods, leading society back to green, thrifty and civilized consumption.  



Posted in: INDUSTRIES,HIGHLIGHT REPORTS

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