The Changes In China’s Stance on Counterfeit Luxury Goods
Chinese government has changed its stance on counterfeit luxury goods
The number of counterfeits is increasing in
According to US Chamber of Commerce estimates, Greater China is the source of 86 percent of the world’s counterfeit goods, a portion valued at a staggering $397 billion. Even e-commerce giant Alibaba can’t prevent massive trade in counterfeits in its platform. That’s why it and other e-commerce platforms have called the Chinese government to do more to address the counterfeit problems. Because counterfeit is damaging not only consumers or legitimate merchants, but also the long-term development of
Consumer confidence is key
According to data from McKinsey & Company, the Chinese are expected to spend a bigger slice of the 1 trillion yuan ($145.37 billion) spend on luxury by 2025. However, they have to believe in the products before buying. Hence, the government and the brands are working hard to decrease the number of counterfeits. For example, the government’s Ministry of Industry and Information Technology established the China Luxury Authentication Centre tasked with training a government-licenced army of luxury authenticators to fight with the increase in high-quality fakes.
Gucci real and fake logo / Ph: Pinterest
E-commerce is a major battleground in the fight against counterfeits. Therefore, the government has enacted laws to force the e-commerce platforms have a stricter way to control fake goods. If they can’t control fake goods, they will be fined up to $30 million. But this stricter regulation is not only for e-commerce platforms but also social media and live-streaming platforms.
It is long way to remove all the counterfeits from
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