China’s Double-Edged Consumer

From Cars to Cosmetics, the Chinese Are Buying

Yang Xiao, a thirtysomething Chinese newspaper journalist, lives in one of the new high-rise developments on the outskirts of Beijing. Built six or seven years ago, the forty-story building complex is home to around 2,000 families – mostly young couples, some with children. A sign outside the front gate proclaims the imperial-tinged name of the complex, “Rome.” The exterior architectural details are a mix of Chinese megablock style and “Old European” flourishes. The main entranceway, for instance, features a two-lane driveway passing under sandstone-colored arches, while the exteriors are adorned …