Word: creditably
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...Locals credit their town's rebirth to AKP policies and, in particular, the party's economic management. After a financial crisis in 2001 caused Turkey's currency to lose half its value, the country introduced IMF-inspired reforms that the AKP has doggedly maintained. As a result, Turkey has not only experienced impressive gdp growth, but has rid itself of the hyperinflation that plagued it for most of the 1990s. For real estate agent Abdullah Cam, 23, who says his family firm has tripled revenues in the past five years, the AKP has been "great for business." Down the road...
...gains, the average citizen has little to spend on frills. Per capita annual income remains below $2,000. The average household saves more than 25% of its pay, in contrast to Americans, who in recent years have tended to spend more than they make. Just 4% of Chinese have credit cards, and purchases using plastic average less than $1,000 a year per cardholder. By Western standards, Chinese consumers simply have not yet begun to spend. As a result, "less than a handful of these new [malls] will meet expectations," Parker says. "China's most important cities are literally littered...
...Richard Ellis in Greater China. And, despite the glut of space, the mainland's retail sector remains in bull-market mode. Economists expect as the country's consumer culture continues to develop, demand will continue to increase. China today accounts for 5% of global consumption, but investment bank Credit Suisse predicts that number will rise to 14% by 2015, making the country the world's second largest buyer of consumer goods behind the U.S. That potential will lure more and more foreign retailers and investors, Hand says. For example, CapitaLand, a Singapore-based real estate investment company, aims...
Everything China produces, with the possible exception of textiles, is pure junk. All those "goodwill gifts" offered by U.S. credit-card companies are completely worthless. TIME sent me a made-in-China radio set as an award for being on time with my subscription renewal. The radio lasted all of one hour--a screeching box that ended up on the junk pile. Americans are buying substandard products and sustaining China's economy. Future generations will condemn us for this...
...their forests, a process called "avoided deforestation." But that's beginning to change. The World Bank is raising $250 million for a pilot fund to support projects that would encourage governments and companies in the developed world to pay for preserving trees in the tropics in exchange for carbon credits that grant the right to emit CO2. It is a small step, but it represents one of the first attempts to use the tools of carbon finance to save the 32 million acres of forest destroyed each year. Existing carbon-credit programs focus on industrial emissions; this initiative extends carbon...