In Shanghai, the party was in full swing. Rows of yellow Lamborghinis lined the streets outside nightclubs where Chinese Millennials wearing outlandish Gucci jumpsuits and leather Prada crowded around tables heaving with ice buckets full of bottles of Grey Goose vodka and Moet champagne.

Banquet tables laden with rare Australian wines and plump red lobsters were staples of the corporate scene. Italian luxury goods shops were springing up every week on Nanjing Road, the city’s main shopping strip. Airports were packed with tourists flocking to Australia, Europe and the world’s capitals on shopping trips.