Word: growth
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...There are no figures yet on what impact the financial crisis has had on that top-tier trend. But after so many years of heady growth, many rich Russians still seem to take the boom times for granted. Kazakov's wife's bravado is shared by many. "Some people are afraid, but I am not," says businessman Alexander (who asked that only his first name be used), as he strolls along the deck of a 58-ft. yacht wearing a shiny leather coat with a fur collar...
...Chinese leadership's annual work meeting on economic policy concluded Wednesday with a note of triumph. The country's steady growth has "demonstrated the overall national strength China had built over the past three decades, proved the correctness of socialism with Chinese characteristics and justified the advantage of a socialist institution in pooling various forces to realize big feats," the state-run Xinhua news service declared. See Top 10 Best Business Deals...
...prove arduous if not impossible. Last month China's exports, a major driver of the world's fourth-largest economy, fell by 2.2% compared with November, 2006. The result marked the country's first decline in exports in seven years and was a sharp reversal of the double-digit growth rates manufacturers have typically posted in recent years. The drop was "a shock figure," says Ben Simpfendorfer, the Hong Kong-based chief China economist for the Royal Bank of Scotland. "I had expected exports to collapse in the final few months but not to this extent. There really...
...recent weeks Chinese officials have suggested that the immediate picture for the country could be bleak. "In this coming period, we will starkly confront the effects of the sustained deepening of the international financial crisis and pressure as global economic growth clearly slows," Chinese President Hu Jintao acknowledged last month...
...After growing at 11.4% last year, the Chinese economy expanded at 9% in the third quarter of 2008. The government hopes to maintain GDP growth of 8% or above next year. If growth falls below that level unemployment could reach destabilizing levels. In the official press, the phrase bao ba, or "protect eight," has now become a mantra. Last month the World Bank lowered its GDP growth estimate for China...