Spending spree abroad by China's rich

Spending spree abroad by China's rich

The frequent [ˈfri:kwənt](频繁的)overseas travelling(海外游) by wealthy [ˈwelθi](有钱的) Chinese has fueled(刺激) consumption [kənˈsʌmpʃən](消费) abroad [əˈbrɔ:d](海外的)in recent years, Information Times Daily(信息时报) reported on Friday.

A latest credit card consumption report released by China Merchants Bank(中国招商银行) said the frequency [ˈfri:kwənsi](频率) of overseas travel by China's rich jumped(上升) 40 percent this year from that of 2008, citing relavent surveys.

It also said the surveys showed that the total consumption by China's high-end credit card(高端信用卡) holders hit 5 billion yuan in 184 countries and regions from Ja

nuary 2008 to October 2009.

Sixty-four billionaires(亿万富翁) from the Chinese mainland appeared in the latest Forbes(福布斯) Billionaires List, more than twice the 28 billionaires in 2009. For the first time, China ranks(排名) second on the list, following the United States.
The report shows that rich women and younger people are becoming the main force(主要消费力) of Chinese consumption abroad.

According to the report, nearly eighty percent of Merchants Bank's VIP card holders are people between the ages of 31 and 45. Also, more women appear on the high-end clients lists, amounting to 30 percent of the total by the end of last year.

Among the top 100 stores the VIP clients have patronized(光顾) abroad, 43.64 percent are malls with luxury [ˈlʌkʃəri](奢侈的)goods.