Yachting!

The New York Times reports on yacht-making in China:

Having mastered the manufacture of many inexpensive goods for mass consumption here and abroad, the country is getting into luxury goods, the kinds coveted by the world’s most demanding buyers. China’s competitive advantage is that it is doing this at lower cost.

…

With yachts, though, China is braving a market where it has little recent experience or demand at home.

There’s a yacht-making factory in Xiamen, too. They’re also into remote-controlled sailboats, and are trying to start up a fortnightly sailing get-together by the lake. As far as I’m aware, the municipal government isn’t at all interested in the yachts, or sailing for that matter, but is perfectly happy to have them demonstrate how modern and progressive the city is.

This paragraph summarises China perfectly:

The economic boom has certainly created plenty of fortunes big enough to afford yachts. But they have never caught on among rich Chinese, who, unlike the boating set in the West, tend to keep their consumption as inconspicuous as possible. And no wonder, considering how widespread tax evasion and dubious dealings are here: few people want their lifestyles to attract official attention.

Everyone walks around in fake Louis Vuitton, Gucci, Prada, and whatever other brands are considered expensive, so no one bats an eyelid. The mafia drives around in large, black, European cars. Young lads drive around in their BMW Z4s and Ferraris. A yacht would be a whole ‘nother ballgame, I suppose.

• 13 Jul 2004