Word: exporting
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...construction sites throughout what used to be a booming province. Among them is Zhang Dingli, 36, who worked in a toy factory for a decade. But in early November, the plant closed. He is a victim of an economic transition - a move away from the low-end, low-wage, export-oriented manufacturing on which much of China's rapid growth was built - that has been made more urgent by the global economic crisis. As China's double-digit growth rate plummets, thousands of factories are being shut down and millions of workers are being thrown onto the streets. They will...
...that have been the downfall of so many of their counterparts in the U.S. and Western Europe. Yet Russia has been caught unawares by the domino effect of the financial crisis because of its unhealthy overdependence on oil, gas and metals, which account for more than three-quarters of export earnings. The collapse in energy and commodity prices since this summer is exposing Russia's fragility: the boom, it turns out, was built on expensive oil, and precious little else. Economic growth, which averaged more than 7% for the past five years, has tumbled and may drop below 2% next...
...With export markets looking weak for the foreseeable future, China's leaders are placing their hope on domestic consumption. In November they announced a $586 billion stimulus package that included massive road-building projects and funding for reconstruction efforts in the earthquake-ravaged province of Sichuan. But questions remain about how much of that funding was taken from already existing projects, and how much will be dependent on provinces and state-run companies boosting their spending...
...priority industry for the Chinese government, and many carmakers are already heavily backed by the state, which could aid to keep local champions afloat through the downturn. This week Chery, one of the country's most successful domestic automakers, received a $1.5 billion loan from China's Export Import Bank. Jin Yibo, Chery's spokesman, says that the loan isn't government aid or any sort of bailout, but a "business deal" between Chery and the bank. However the money is characterized, it will be a boost to Chery's operations. Jin says the funds will be used for export...
...axiom that a generation of breakneck economic growth has brought its own problems. Modern China is not charming. Many of its towns and cities are desperately ugly and shoddily built, workers have few rights, and environmental disasters abound. As global demand contracts, China's export-led, manufacturing-heavy economy is now facing a sharp downturn. Moreover, the accepted narrative of China - that Deng opened up and modernized an old-fashioned and hermetic economy - needs much qualification. Recent historical research has stressed that China was modernizing and internationalizing fast, if imperfectly, in the half-century between the late Qing dynasty...