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Chinese cities are categorized into four tiers, ranging from the largest and most developed urban metropolises in the first tier (GDP of more than US$300 billion and population greater than 15 million) to the smaller, less developed but often fast-growing cities in the fourth tier. Companies must think carefully about their target cities to maximize their presence in the market.

While there are still some tax incentives available, depending on the city, the tax authority is stepping up its monitoring. MNCs that don’t comply with the new rules face steep penalties and reputational damage – and they may find it harder to lure foreign talent to China.

Generation Z – born between the late 1990s and the early 2010s – makes around 50% of all purchases of luxury goods in China, despite accounting for 15% of the population. This massive market of 210 million people is not interested in luxury for luxury’s sake. They want personalization, individualization and bespoke experiences. Almost half (48%) of consumers expect to spend more on experiences in the future – much higher than the global average, according to the EY Capital Confidence Barometer.