Word: crediteers
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When the global financial storm began to gather a year ago, China appeared to be a nation that was well supplied with raincoats. The economy was growing at double-digit rates, Chinese banks had little overseas exposure to the credit crisis, and the country's $1.9 trillion in hard-currency reserves stood as a vast emergency fund that could be drawn upon in the event of trouble. Just two months ago, while giant Wall Street and European banks were crumbling, China was relishing its role as host of the Olympic Games as the world paid tribute to its years...
...because of higher labor and commodities costs and because of the simple fact that China's boom resulted in the creation of far more factories than global demand could possibly support in a cyclical downturn. A shakeout is unavoidable, and it is being made worse by the worldwide credit crunch. Nervous banks, Lau says, have reduced the credit lines of many small manufacturers by up to 50%, starving them of operating funds. Letters of credit, which facilitate the shipment of exports, were once automatically accepted by banks in Hong Kong, but now they are being held until bankers are sure...
...exports," says UBS economist Wang Tao. Nor will it offset another weakening pillar of China's economy: real estate. Rampant construction of new office towers and apartment blocks in recent years was a huge boon to growth. But government action to cool down the market, by, for example, restricting credit for property development, is resulting in a sharp falloff in construction. After 35% growth in real estate investment in the first half of the year, Wang estimates that growth dropped sharply to some 20% in July and August. The property sector accounts for about a quarter of all fixed-asset...
...obviously that we have done enough to just stabilize the immediate economic situation. We've got a boat with a lot of leaks, and we need to get it into port. That's what the financial rescue package is about. But once we get it into port, once the credit markets are functioning effectively, then it's time for us to go back to the fundamentals of this economy...
...without doubt the most expensive pizza I've ever eaten. I handed over $150 in cash, a credit card, a digital camera and a mobile phone, and all I got in return was a 12-inch mushroom and pepperoni pie, with no extra toppings...