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...There are other reasons Asia may not be ready. One of the central goals of an Asian bloc would be to make it easier for China to buy a greater proportion of the region's output as the U.S. fades as an engine of global consumption and growth. But, while China's per capita GDP now stands at about $3,200, up nearly fourfold since 1997, it's still a far cry from U.S. per capita GDP of about $46,000. Moreover, conservative Chinese financial habits are deeply ingrained and driven by the need for "precautionary savings" for medical care...
...into the first round of budget cuts. During this time, Bowman conceived of the “Idea Bank”—the online service in which members of the College community can suggest cost-cutting ideas. Both candidates say they’d like to see greater transparency on budget cuts, which they say would foster a more democratic process...
...whether or not they will buy remains an open, and crucial, question. Even though Chinese are becoming wealthier, they are actually saving a greater percentage of that new wealth. Cornell University economist Eswar Prasad figures that China's average urban household saving rate reached 28% of disposable income in 2008 - 11 percentage points higher than in 1995. As a result, the role consumer spending plays in China's economy continues to head in the wrong direction. Private consumption accounted for a mere 35% of GDP in 2008, down from 46% in 2000. China's ratio stands at about half that...
...China can transform its citizens from savers to spenders, the reform of the entire world economic system could suffer. "I don't see any evidence" that China's economy is rebalancing, MIT's Huang says. "Its always difficult to get consumption to grow in a limited period of time." Greater consumer spending in China could have a big impact as well on the world economy. Cornell's Prasad figures that if China can increase growth of private consumption to 20% a year (much higher than the trend of nominal GDP growth of about 15%), global GDP growth would...
...specific benchmarks for achieving them. "None of this will come easy," Obama said of his foreign policy goals in the region, "nor without setback or struggle." In the meantime, he seemed to be suggesting, it was important to make a public show of unity and a promise of greater engagement to come. Perhaps after that, he can begin to find solutions to the more challenging problems. As Obama concluded his speech, his rhetoric soared even higher. "At this moment of renewal," he said, "in this land of miracles, history tells us it is possible." The audience of dignitaries and diplomats...