Word: hugeness
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...technocrats in Beijing pull this off? The country has an advantage: it has not yet leveraged its enormous domestic market. The service sector has huge potential. Consider entrepreneurs like Colleen Wang. Instead of employing low-wage metal benders, Wang's ad agency, Rayken, provides jobs for young, middle-class professionals: graphic designers, art directors, a couple of account executives and several copywriters...
...high-tech powerhouse. But making it come true will take years, and there are major obstacles. Idea theft is the biggest. Though the country has made progress in strengthening intellectual-property rights over the past several years, rampant piracy of software, music and other IP remains a huge issue. "People with the ideas have to be protected," says Rosen, the New York City economic consultant. "They've moved on this because they know without it a high-tech China remains a dream...
...barrel, way above the current ? level, and it will consequently swing into deficit next year for the first time since 2001. The stock market has dropped more than 70% in the past year, as the nation's business élite dumped stocks to repay the huge loans they took out to finance acquisitions in Russia and abroad. Capital is fleeing - investors have pulled about $190 billion out of Russia since August - and the ruble is under pressure...
Lyudinovo's woes are not exceptional. The markets for the huge exporting firms that are the foundation of Russia's recent prosperity have suddenly dried up, and that's having an immediate effect on machinery makers and other manufacturers. Construction has also seized up in many places. Last month in Moscow, lack of funding stopped work on a Norman Foster - designed skyscraper called the Russia Tower that was going to be the tallest naturally ventilated building in the world. (See pictures of Moscow...
Russia needs foreign companies to plug a huge hole in Putin's economic policies. In his first term as President, Putin introduced modern tax and corporation laws. But he failed to spur the development of a business infrastructure that would enable Russia to diversify away from its over-reliance on energy and metals. Now, as the crisis starts to bite, the Kremlin is reacting by increasing its control over broad swathes of the economy. Through the state-controlled banks, it is bailing out selected business executives who are having trouble paying their debts - including Oleg Deripaska, a metals tycoon...