Word: beijingers
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Up until now, Disney's foray into China has been anything but magical. Its Hong Kong theme park, opened in 2005, has had a bumpy ride due to early missteps and competition - in its first year, attendance fell 400,000 short of an initial 5.6 million target. The following year...
A nuclear test and the resulting international outcry, the detention (and subsequent release) of two U.S. journalists for illegal entry, a spat with Secretary of State Hillary Clinton (described by a Pyongyang official as looking like "a pensioner going shopping"), serious food shortages. On the face of it, 2009 appears...
Does Beijing care? In its response to the financial crisis - the depth of which absolutely stunned Chinese policymakers - China desperately pushed every familiar button to keep its economy from succumbing the way the developed world's did. It has thrown buckets of practically free money at state-owned banks, which...
It isn't just indiscriminate bank lending that has retarded moves toward rebalancing. Outright government subsidies to businesses have increased in the past 12 months. Everything from bicycle makers to textile producers to chemical companies have seen their export subsidies rise because their markets worldwide were shriveling, and a panicky...
That message was aimed at Beijing. It's one that will be reinforced when Obama arrives in China in two weeks. The only question is, will anyone in the Chinese leadership - who may believe the headlines about what economic magicians they've been for the past year - be listening?