Word: china
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...snowfall in Beijing - the city's earliest since 1987 - is due, Chinese scientists say, to a campaign of "cloud-seeding" to encourage precipitation. If true, it's the wettest success yet in a long-standing effort to bring moisture artificially to the parched northern regions of China. So how'd they do it? (See pictures of the science of snowflakes...
Just before the global financial crisis exploded, the conference halls in China were alive with the rhetoric of economic reform. Hardly a week went by without some think tank or ministry in Beijing toasting the 30th anniversary of China's great opening to the world and outlining what the next phase of China's historic development would entail. At a time when experts and policymakers everywhere were decrying "global economic imbalances," China would do its bit to rectify them...
...That meant attacking the problem at the root. Just as the U.S. saved too little while consuming too much, China saved too much and consumed too little. The result was a lopsided international trade scorecard. China ran huge current account surpluses - peaking at 10% of GDP in the first half of 2008 - and as a result accumulated a massive load of foreign exchange, which it turned around and loaned, mostly to the U.S. government, which enabled Americans to go on borrowing and spending. China, policymakers said, intended to break this unhealthy cycle. (See pictures of the making of modern China...
...most recent Purchasing Manager's Index (PMI), a widely watched gauge of economic sentiment released on Oct. 30, rose for the eighth straight month. It now shows "sustained expansion in industrial activity," says Jing Ulrich, managing director at JPMorgan in Hong Kong. At the same time, the U.S.-China economic relationship is not as lopsided as it was a year ago, at least by some measures. The U.S. savings rate has increased to about 4% of GDP (from zero at the recession's onset), and China's current account surplus has fallen from 10% of GDP to about...
...Chinese side of the equation, many economists believe, that remains unaddressed. Far from making the promised progress on needed structural reforms, China has either stood pat in the past year or has probably regressed in terms of taking steps that would reorient its economy toward consumption and away from savings and investment...