Word: booming
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...workers are being thrown out of their jobs, and economic indicators seem to presage more gloom, with electricity production for industry falling 4% in October, the first time it has declined in a decade. Even the country's seemingly insatiable thirst for oil to fuel its decades' long boom seems to be fading: China's national oil company said late in November that demand had declined "sharply" in recent months as industrial production slowed and was set to fall further...
What would the great men of old Communist China think of the ones leading today's quasi-capitalist boom? "If Mao were alive, he'd get rid of them all," the Dalai Lama said to a gathering of his followers today. The line got a big laugh and signaled a more forceful tone in the Tibetan spiritual leader's approach to China...
Piles of red bricks clutter the roadsides. Stacks of concrete drainage pipes fill parking lots, while stores do a brisk trade in paint and window frames. Like countless other places in China, this corner of central Sichuan province is undergoing a building boom. But this is no typical growth story. When I was here six months ago, bodies jutted from the pancaked floors of collapsed buildings and lined rubble-strewn streets. Tens of thousands of homeless crowded into sports stadiums, and millions more slept in tents. The surface of the Zipingba Reservoir was covered with a brackish film from...
...Just as China's economic boom fueled a roaring demand for the raw materials of much of Asia and Africa, so has it spurred an insatiable appetite for recyclable scrap paper, plastic and metals. In recent years, amazing stories have emerged around the world about stolen manhole covers, junk haulers making healthy salaries, and coins being melted down because their value as scrap, with China the big buyer, exceeded their face value. China's scrap trade has lifted the fortunes of both the very wealthy - such as Nine Dragons Paper CEO Zhang Yin, whose recycled-paper manufacturing company made...
...While Dongxiaokou's scrap yards have epitomized China's industrial boom over the past two decades, the global economic slowdown has left the scrappers struggling as prices for raw materials plummet. A group of men from Henan sit at a table playing a card game called "Fight the Landlord." They're the owners of a huge mound of plastic bottles they could process, but if they sold them now, they would lose money - scrap prices have fallen to levels not seen in years. "You want to know why our prices are dropping?" says Zhang Zhongming, 43, who moved...