Word: beijingers
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With her little education and total ignorance of the real world, Zou had little choice but to turn to physical labor. After stints carrying sacks on a construction site and selling lamb kebabs in the street, she ended up as a masseuse in a public bathhouse earning $60 a month...
The system that is so good at churning out Olympic medalists seems to be even better at producing poverty-stricken retired athletes. Last year, China's national news agency Xinhua reported that almost half of 6,000 professional athletes retiring from competition each year end up jobless or without further...
Fortunately, it appears that China has recently started to recognize the importance of restricting public smoking. The government is planning on a tobacco-free environment for the 2008 Beijing Olympics, where smoking will be banned in all public transport and indoor workplaces.
Which is not to say things aren't changing. Bank ATM cards are now ubiquitous, with more than 1 billion in circulation in China. And, in 2006 the number of credit cards shot up 39%, and the total is expected to double again this year. Whereas banks barely break even...
Now, the region is flush with surpluses, not deficits. Asian countries have piled up more than $3 trillion in foreign-exchange reserves. And while currencies were overvalued a decade ago, they are undervalued today. The bitter fight between Beijing and Washington over China's massive surplus and undervalued currency is...