I just returned from Hong Kong and Shanghai, and although the United States has held on to the number one position as the economic powerhouse of the world and still does, China is nipping at our heels. The last figures I recall seeing put the value of the United States at about $16+ trillion and China at about $8–9 trillion. It was only a few years ago the Chinese economy was valued at $1–2 trillion; they are moving fast to be by our side or surpass us in 10–15 years (less?).

China’s upper middle class is traveling the world and loves coming to the United States, even though people cry about how hard it is to get a U.S. visa (boo hoo). They want to come, and they will go to any effort to do it. In Europe and the rest of Asia, they flock to buy Louis Vuitton, and they save a lot of yuan as there are huge taxes on foreign products in China; who wants a shopping bag that say Louis Vuitton Beijing? Seriously, what would your friends in Shanghai think!? Louis Vuitton Paris or Milan or New York — that’s what they want! Oh those red capitalists; my father would be shocked!

These are a far cry from the organized tours of lower middle class Chinese; these are people of power and wealth, and high-end luxury stores and hotels have taken note by hiring Chinese-speaking staff, making sure there are tea kettles in all rooms and adding Chinese breakfast foods and translations of menus.

Wake up, world, it is time to cash in. As they said in Boston, “The British are coming!” Now it is the Chinese!

— Fran Gallagher, publisher and CEO