Word: china
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Dates: during 2000-2009
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...before the current downturn. "Public spending is already subject to considerable siphoning off and, perhaps even more critically, waste," says Andrew Wedeman, a political scientist and Chinese-corruption expert at the University of Nebraska. During the boom years, such waste mattered less because growth was so robust. But if China's GDP expands only 6% to 8% this year, as some predict, corruption could dampen recovery. "What really matters is not if funds will be siphoned off or how much will be siphoned off," Wedeman says, "but rather whether the siphoning will have a clear and negative impact...
...notwithstanding the amounts that will disappear into bank accounts in Hong Kong, casinos in Macau and the gaudy houses that stud the outskirts of every Chinese city, China stands to gain more than it loses through its building campaign. The scale of its needs remains immense: the country's leaders are, after all, attempting to move more people out of dire poverty and into something like comfort in a shorter time than has ever been seen before in human history...
...China's SEX-THEME PARK torn down before it even opens...
...break into its networks last year, up from just 6 million in 2006. That includes a reportedly successful attempt to hack into the $300 billion Joint Strike Fighter project and copy data about the aircraft's design and electronics systems. The espionage is believed to have originated in China. Experts say computer criminals in China and Russia have also infiltrated America's electrical grid, covertly installing software to potentially damage it at any time (the governments of both countries have denied such actions). Attacks have mushroomed so quickly that the Defense Department reportedly plans to establish a new military command...
...wasn't the size of the U.S. budget deficits - or how much Treasury debt China now buys - that made Tim Geithner blush in Beijing this morning. During his maiden visit to China as U.S. Treasury Secretary, Geithner visited Peking University to give a speech and answer a series of probing questions from students. The school - "Beida," as the Chinese call it - is probably the country's premier university, and in 1981, after his sophomore year at Dartmouth, Geithner did an eight-week program in Mandarin there. After his speech today, one of his old teachers produced a photo of Geithner...