Xi Jinping, a lifelong soccer fan, hoped to marshal China’s collective spirit behind “the beautiful game.” In reality, he welcomed a fleet of vultures to feast on it.
In October of 2015, Chinese media announced Xi Jinping’s first selfie. China’s leader looked uncharacteristically jolly posing alongside the soccer star Sergio Aguero and then-British Prime Minister David Cameron, with Aguero snapping the trio’s photo. It quickly went viral. Argentine striker Aguero became an overnight sensation and his team, Manchester City, scooped up a sizable Chinese fanbase.
“Every person in the world asks me about the selfie,” Aguero later said.
Xi wa
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For much of the past two decades, Europe's luxury market has counted on the ferocious appetite of Chinese consumers to bolster its bottom line. But foreign luxury brands are facing a reckoning in China. Not only is China’s economy entering a more uncertain phase, giving consumers pause, but homegrown designers and labels are also gaining ground. The questions now are which European brands can still rely on China, and how China's domestic designers can capture a share of the pie.
The Treasury’s top international official gives an inside-the-room account of the latest talks between Treasury Secretary Yellen and the Chinese leadership, including the U.S.’s efforts to get Beijing to address overcapacity and economic imbalances, how...
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