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China BizTech News Weekly Digest – April 28, 2014


 Editing by Su-Jun Lim

Affluent Chinese to Reach 14 million

BY GLOBAL TIMES

Forbes China reported that China’s “mass affluent” population, whose investable assets worth from 600,000 to 6 million yuan, would reach some 14 million by the end of the year. The majority of these affluent Chinese are between ages 30 to 50 from the sectors of finance, trade and manufacturing, while 53.8 % have at least a bachelor’s degree. Perhaps not surprisingly, wealth does not solely correlate with happiness; it is also dictated by health, career, quality of life, social circle and personal hobbies.

Burberry Opens Online Store on Alibaba’s Tmall

BY THE WALL STREET JOURNAL

U.K. luxury brand Burberry PLC has opened a virtual storefront on Alibaba’s Tmall shopping site. It is an unusual move for Burberry to sell at Tmall, which is known for fierce discounts and cheap products. Only time could tell whether it is a right move for Burberry.

 

What Makes a Tier-2 City in China? Count the Starbucks

BY THE WALL STREET JOURNAL

China’s 600 cities are often categorized into 4 tiers. However, besides the tier-one cities that are rather indisputable, the debate continues for the categorization of tiers two, three and four as the criteria are unclear and highly variable across different agencies.

Alipay Moves Further Beyond Alibaba With Rakuten Tie-Up

BY THE WALL STREET JOURNAL

Alipay, an Alibaba affiliate that will not be part of its upcoming US IPO, teams up with Rakuten, a dominant player in Japan, to provide Chinese consumers access to Japanese products.

Top Name Brand Merchants Close Stores in US but Expand in China

BY CHINA DAILY

Abercrombie & Fitch shut some 62 US stores last year and opened its first Chinese flagship store in Shanghai on April 19. It is joining a number of other major American companies to downsize in the US while expanding in the country of the world’s biggest population and growing, second-largest economy.

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