SHANGHAI — China’s State Council has just announced new measures designed to encourage domestic consumption and bolster economic growth.It’s the first time the council has released policy specifically targeting consumer services, which it hopes to boost by expanding consumer credit, improving China’s already fast-developing online payment options and managing credit card fees. The government unveiled the new measures over the weekend.Though credit cards have been slow to take off in China, given a cultural preference for saving a large portion of household income, Millennial consumers have proven more open to credit than their predecessors and the industry here is growing quickly as a result.In fact, credit card debt hit a record high of 2.55 trillion yuan (about $411.1 billion) in the first quarter this year, according to a report from the People's Bank of China, representing year-on-year growth of 35.5 percent.Another aspect of consumption targeted by the new policies is spending by China’s rural population.According the statistics from the World Bank, rural residents made up 46 percent of the country’s population in 2014. Though that number is dropping each year as the government pushes rapid urbanization, almost half of the population of the world’s most populous country represents a significant number of consumers currently being underserved.Further expansion of e-commerce and its related infrastructure was one of the ways the State Council identified to reach more rural consumers.A zero-tolerance policy on price gouging, prosecuting monopolies and unfair business practices, as well as a crackdown on counterfeit products was also cited as part of the government’s consumer-focused agenda.The new policies from the State Council come at a time when China is counting on domestic consumption to prop up growth. The economy expanded 6.9 percent year-on-year in the first three-quarters of 2015, the lowest rate of growth since the second quarter of 2009.
In honor the @CFDA’s announcement of @iamnaomicampbell receiving the Fashion Icon Award at the 2018 #CFDAAwards, which will take place on June 4, here’s a #tbt of the supermodel on @michaelkors’ runway in 1991. #wwdfashion #wwdarchive (📷: George Chinsee)
“I was making the guacamole when my scout saw me,” says model @stuckinteenage on being discovered just six months ago while working at @chipotlemexicangrill. Since then Williams has signed with @dnamodels, walked in her first show at @calvinklein and landed on the cover of @vogueitalia – a high point of any model’s career. To read @lisajlockwood’s full interview with the model on her experiences thus far, head to WWD.com – link in bio. (📷: George Chinsee)
“I love the idea of dialogue, period. It’s where I’ve always gotten my inspiration from: hearing other women speak, their journeys and their paths,” said @hereisgina, who delivered the keynote speech during @sxsw for @createcultivate in partnership with @fossil. For her two panels, Rodriguez chose female empowering, female-led and female entrepreneurs to focus on. Head to WWD.com to read more about her thoughts on Time’s Up, growing up in a family of women and why we “need a girls’ club.” #wwdeye #sxsw (📷: @jgreenery)
Leading luxury brand are shaking things up to keep up with streetwear. Case in point: the arrival of @mrkimjones as artistic director of @diorhomme. Jones, who succeeds @Kris_Van_Assche, is seen as one of the handful of designers who can actually straddle the luxury and streetwear worlds — which could lead to even more changes at established brands. What could this mean for the rest of the menswear landscape? Head to WWD.com to find out what experts predict #wwdfashion (📷: @franckmura)
“It’s like buying groceries. You’re going to buy the best mango, the best mozzarella, the best things. You have to, or others are going to take it all,” said @gabrielahearst on why she uses only the finest fabrics. Last week, Hearst received her first @cfda nomination for Womenswear Designer of the Year, and earlier this month she opened a permanent showroom in Paris. To read @jessiredale’s interview with the designer and find out why this is shaping up to be a big year for her, head to WWD.com. #wwdfashion (📷: @francoisgoize)
“It’s an interesting thing, playing a younger version of your mother. It’s an interesting concept. I adore my mom and love her in every capacity, but it was just something that had never crossed my mind,” says @anniemstarke on playing a young Joan Castleman in “The Wife.” The same role will be played by her mother Glenn Close. Read more about her growing up in the film industry as the daughter of producer John H. Starke and Close and what she has planned for the future #wwdeye (📷: @nataliamantini)
@asics is launching a new streetwear sneaker inspired by its latest ambassador, @steveaoki. The Hyper-Kenzen x Aoki, which will launch at @footlocker stores exclusively tomorrow, is a slip-on style that incorporates the brand’s proprietary Gel technology through beads integrated into the midsole for comfort and endurance. Read the full story on WWD.com.