Word: globalization
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...hard to tell if the skeptics are right. China is like the proverbial elephant being described by blind men: anyone can say anything depending on which part they happen to be touching. Jim O'Neill, head of global economic research at Goldman Sachs, is dismissive of the doubters. "I've seen similar sorts of stories about 20 times this year," O'Neill said last week during an interview on Bloomberg TV. "These are generally written by people that obviously just don't follow closely or study China." He maintained that, if anything, China's economic strength is being underestimated...
...Translation: global markets will remain buoyant longer than expected as the short-sellers are forced to cover their anti-China bets and the unbelievers finally come around and belatedly take long positions. For the sake of 1.3 billion Chinese and the rest of us, let's hope it's Jim O'Neill that's right, rather than Jim Chanos...
...think Mahmoud Ahmadinejad hasn't been getting much love from the global community over Iran's nuclear ambitions, you should hear what Iran's politicians have been saying...
Such exuberance is both good news and bad for China's leadership. The revival of the real estate industry is a key reason that China's economy is emerging from the global recession with such strength. But frothy increases in home prices are also fueling concerns that the property boom could turn into an unstable and dangerous bubble. According to government data, property prices in 70 cities rose 3.9% in October from a year earlier - the largest increase in 14 months. In 20 of the cities, prices jumped more than 1% from the month before. The phenomenon isn't limited...
...reason is that the roaring real estate market is complicating Beijing's decisions on when and how to unwind the drastic stimulus measures that policymakers put in place to combat the global recession. There is clearly a link between Beijing's ultra-loose monetary policy and the run-up in property prices. The amount of new loans granted by Chinese banks in the first 10 months of 2009 surged an eye-popping 144%, to $1.3 trillion, from the same period in 2008. The easy money policy has led to a fantastic increase in property deals - up 82% in October...