Word: deal
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Dates: during 1990-1999
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Jiang played his WTO hand brilliantly, waiting for U.S. President Bill Clinton to call him--twice--before putting his weight behind the deal. Says Hong Kong-based Fred Hu, Goldman Sachs' chief China watcher: "That's called the Emperor mentality--you kowtow to me first...
...China that needs breaking. In fine imperial tradition, Jiang has left this task to an underling. While Jiang pacifies by practicing the art of the possible, it is Premier Zhu who prefers--even enjoys--sharpening his teeth on the impossible. Zhu staked his personal prestige on doing a WTO deal single-handedly when he traveled to the U.S. in April--and failed when the White House decided a deal was politically unwise. Jiang patiently waited for Clinton to approach him, meanwhile building a consensus among the Chinese leadership that made the final negotiations this month a question of technicalities rather...
...Chinese for whom money, not ideology, is the bottom line. The harder Jiang tries to impress, the less China's population wants to listen. He understands the need for economic development, but political openness is still out of the question. Even as the ink was drying on the trade deal, police were detaining members of Falun Gong, the banned meditation cult...
Make no mistake, New Year's Eve will be a big deal in places like Vegas, where you can still, if you are so inclined, taste a bottle of 1800 Madeira from Thomas Jefferson's collection at the Rio Suites Hotel and Casino wine party for $2,050 or lease the half-size Eiffel Tower at the Paris for a party of 40 to 50--including chef, butler and host's suite--for a mere $200,000. The stock-option challenged can find Strip accommodations for a (relatively) less exorbitant $400 a night, and those are selling more briskly...
...Internet challenging the mall. Ignore it? O.K. But then forget about beating the market, and go buy an index fund. Really. You'd get a market weighting in tech stocks (24% of the S&P 500) along with low expenses and tax-efficient management. That's a great deal...