Word: booming
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...riding on whether Beijing's technocrats can manage a soft landing. China's investment boom is being driven in part by rampant borrowing, which the central government has tried to curtail by requiring banks to put more of their funds on reserve, thus taking money for loans out of circulation. The strategy seems to be having little impact, partly because China's banks have close ties to local governments, which often have stakes in local companies and property developments-a strong incentive to ignore Beijing and keep lending. "Irrational investments in redundant low-level construction projects ... have not been controlled...
...China's surging growth has been a welcome tonic in the past 12 months, helping to snap the global economy out of its postwar, post-SARS funk. But, as Wang notes, the country's boom has been a mixed blessing for mainland companies-and it may turn out to be mixed for the rest of the world, too. Concerns that China's economy is rising too fast are intensifying, and efforts by Beijing to let some of the air out of the balloon before it bursts have so far proved ineffective. The latest statistics, released last week, added...
...China has suffered previous boom-and-bust cycles in its transition from communism to capitalism. In 1994, GDP growth exceeded 11% and inflation soared to 24%. To restore economic stability, the then Vice Premier and central bank governor Zhu Rongji choked off bank loans to cool runaway borrowing and spending. The subsequent slowdown threw millions of mainlanders out of work, but because China was relatively isolated from the global economy, few other countries shared the pain. Today, a sharp contraction in China would have much wider impact. The mainland is one of the world's largest manufacturing bases...
...anything save Congress? Rahul Gandhi, a dashing figure who only entered politics in January, hints at plans for an ambitious party makeover, the way Tony Blair reformed Labour in Britain. But for now Congress is mainly counting on the dissatisfaction of those left behind by India's economic boom?a huge demographic in a country with an estimated 370 million people living on $1 or less a day?and the sentimental adoration of the masses. While Sonia Gandhi and her children are being mobbed in Uttar Pradesh, Prime Minister Vajpayee and his deputy Lal Krishna Advani are holding a rally...
...only have a month to do them, so it's tight"). Then he may turn back to his troubled Bounce, which he and Weidman based on the lives of Wilson and Addison Mizner, brothers who got caught up in everything from the Alaska gold rush to the Florida land boom. The show has gone through two directors, three titles and several approaches--and still seemed to miss the mark in a Washington tryout last year. "I don't know what to do with that show because I like it the way it is," Sondheim says. "That's what's baffling...