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...Surprisingly, it is provincial cities like Xi'an that are leading this transition. In China's heartland, you won't find many factories churning out cheap toys or clothing for overseas markets, the kind of industrial activity that underpinned China's economic miracle and made Shanghai and Shenzhen wealthy. Total international trade represents a mere 18% of Xi'an's GDP, compared with 160% in Shanghai. Xi'an is being built instead on the burgeoning spending power of its own consumers, and on the expansion of Chinese companies churning out products for Chinese. "The domestic market will be the leading...
...This kind of exuberant consumer behavior helps to explain why China has powered through the global recession with only limited damage. Local officials expect Xi'an's gross domestic product to surge 13.5% in 2009, far faster than the central government's 8% target for the national economy. Even more importantly, the thriving economy in this city of 8 million lends hope that China might be able to complete its next great economic transformation. China has come to depend too much upon exports and investment for growth. What's needed is economic rebalancing, so that domestic consumption contributes more...
...there are signs that there may be enough solid demand within China's domestic market to keep Xi'an's growth story alive. Carsten Wiegandt, the German acting general manager of the Kempinski Hotel, located on the city's outskirts, has been surprised by the kind of visitors filling his rooms. After the five-star hotel opened in June 2008, management expected tourists arriving from overseas to see the terra-cotta warriors. When the global recession hit, he feared his business might suffer. Instead he found visitors pouring in from other parts of China, many attending conferences being held...
...career has become a vehicle through which the right-wing evangelical movement feels it can express its deepest identity ... Palin is perceived by its leaders--and followers--not as another cynical politician or self-promoting celebrity, but as a kind of magical helper, the God-fearing glamour girl who parachuted into their backwater towns to lift them from the drudgery of daily life, assuring them that they represented the 'real America.'"--11/15/09...
...first thoughts following the birth of my son Laszlo - after figuring out how to get a pizza into the hospital - was, "What happens if my lovely wife Cassandra and I die in a car crash?" I'm not sure what kind of life I thought Cassandra and I would have driving around late at night, wasted, without our child, but I wish we had worked harder to pursue...