与传统的福利国家不同,中国长久以来一直是储蓄国。但是,中国消费者在非必需商品和服务上的支出一直处于上升态势。房车营地日益流行。据美国电影协会(Motion Picture Association of America)数据显示,去年中国的电影票房收入达到48亿美元。中国政府也在大力支持休闲性消费,因为这有助于中国经济再平衡,减少对投资的依赖。7月,中国国家通讯社新华社对西部城市重庆郊外山区的“宿营市场进行了报道,那里的商贩在帐篷中出售从“设计师婚纱到西班牙红酒等各式商品。
Ok, so how do I invest in that?
好吧,那么我如何在这方面投资?
That is the hard part. Because of weak accounting and corporate governance standards inChina, and the risk that a company or an entire industry can suddenly fall out of favour with theCommunist Party leadership, buying shares in Chinese companies is a high-risk activity.
难点就在这里。由于中国的会计及公司治理标准较不完善,而且一家企业乃至整个行业都有可能突然失宠于共产党领导层,因此购买中国公司的股票是一项高风险投资。
Gome provides a case study in what can go wrong. The electricals retailer was founded byHuang Guangyu, an entrepreneur who was once China’s richest man. He is now one of thecountry’s richest prisoners, having been jailed in 2010 for 14 years for insider trading andbribery, which are punishments that China’s politically controlled courts impose selectively.The company remains in good health, and superficially offers a good consumer growth story,as more Chinese households are buying washing machines and fridges. But in July, Gome’sshares plunged 15 per cent in a day after the retailer bought some assets from the jailed MrHuang at what analysts said was an inflated price.
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