China, taxes on the rich and “autarchic” consumption: European luxury stocks collapse

BEIJING – On the one hand, there is the drop in consumption due to the consequences of Covid, for fear of a new wave. But on the other hand, the invitations of the government of Beijing to buy “local” products, as is the impact of the “common prosperity” project, relaunched in the last few hours by the president Xi Jinping, which includes policies for the redistribution of income and a probable increase in taxes for the wealthiest classes.