Word: china
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Dates: during 2000-2009
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...United States and Europe, both in desperate need of economic revival. In an era where American manufacturing is on the way out and finance has been rendered incapable of serving as a foundation for our economy, green technology provides an excellent business opportunity for the United States. China has already realized this, and is building the industry at a rapid rate. We can retake the lead by supplying clean energy to much of the developing world, and easing their transition to environmentally-friendly economies. To ensure that the treaty would be effective, the investment should mandate emissions cuts in developing...
Investors are skittish because China's 7.1% second-quarter GDP expansion was due in part to a burst of bank lending, which was up 31% in May and 34% in June from year-ago levels. To date, cumulative loans outstanding have topped $1.1 trillion, far higher than the government's $735 billion target for the year. Most of the money is aimed at funding infrastructure projects under Beijing's two-year, $585 billion stimulus package. But according to government researchers, about $170 billion in bank loans were channeled into the stock market from January to May, which partly explains...
This is all grist for the China skeptics' mill. If low-interest loans meant to keep businesses humming are being diverted to stock speculation, how sustainable is China's recovery? An asset bubble may already be forming. The initial public offerings (IPOs) of Chinese companies in China and Hong Kong are being bid up to eye-popping heights. The $7.3 billion IPO of China State Construction Engineering, which debuted on the Shanghai bourse last week, soared 90% on its first trading day. The property market is sizzling too. New home sales in Shanghai shot up 70% in the first half...
...America's wildly popular cash-for-clunkers car program, a new initiative grants consumers in four provinces and five cities 10% discounts if they trade old electronic goods for new ones. The amounts allocated have been criticized as piddling, but their inclusion in the stimulus spending indicates that China's planners recognize the importance of domestic consumption as a driver of growth, given the steep fall in demand for Chinese exports because of the U.S. recession...
...challenge for China is to keep wasteful spending at tolerable levels, to eventually exit the stimulus program without stalling economic recovery, and to tighten monetary policy sooner rather than later to avert runaway asset bubbles - but without killing the markets. It's a difficult balancing act, as last week's near meltdown in Shanghai shows. Having gone through the crucible of the 1997 Asian financial crisis, China's planners may be up to the task. Still, they need to be reminded now and again that ham-handed or poorly timed policymaking will hurt not only their economy, but also...