NEW YORK, United States — Making economic predictions isn’t easy these days, what with key indicators slumping one day and then bouncing back the next. But even as the global economy keeps market observers and analysts on their toes, there is one thing that everyone seems to agree on: the pre-eminence of the Chinese economy.

Last month, the Chinese government announced that it was depegging its currency from the US dollar, allowing the Yuan to appreciate within a defined band, slowly abandoning the exports-led growth strategy which has made Chinese goods cheaper in the global market in recent years. But now, as Western economies stop and start, the Chinese government is looking to sustain its growth by stimulating demand at home. Last week the IMF made projections that China’s growth rate will slow somewhat next year from over 9.9 percent in 2010, to 9.6 percent in 2011.

But still, for luxury goods companies, China offers the biggest opportunity for luxury brands in a generation.

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BEIJING, China – My first glance at Beijing’s brand new airport (BCIA) was also the first sign of China’s stylish transformation since my previous visit here 7 years ago. I couldn’t take my eyes off the ceiling, which seemed to go on forever, as I zoomed through immigration and retrieved my bag. I was in and out in less than 30 minutes.

When I commented on the airport’s breathtaking design and efficiency to locals, they proudly informed me that BCIA was completed in only 4 years and has run without a hitch from day one. This is particularly notable when compared to the disastrous opening of London Heathrow’s Terminal 5, which opened around the same time as BCIA, but took 6 years to build and is still not running as expected. And, the success of BCIA also provides the perfect analogue for China’s nascent fashion industry.

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