Word: mainlanders
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...Even China, Asia's perennial pop-culture laggard, has hopped on the bandwagon. The upcoming The Ghost Inside?at $600,000, the country's most expensive scary movie?transplants the single-mom-in-a-creepy-apartment formula to an impersonal, rapidly modernizing mainland city. Despite the tight budget, its cast includes Beijing heartthrob Liu Ye and Taiwanese TV-drama princess Barbie Hsu. For now, though, the hotbed of Asian dread remains Japan, where Ichise presides over his assembly line of scares. In the next two years he plans to release at least four more Japanese ghost movies, including one each...
That doesn't mean China's robust economic engine will grind to a halt. The mainland meets more than two-thirds of its energy needs with coal and boasts the world's largest reserves. But to keep its economy racing ahead--and to ease some of the pollution that comes from burning coal--China's leaders have been forced to seek ever greater supplies of petroleum from overseas. More than half of China's oil imports currently come from the volatile Middle East, making oil security a growing concern in Beijing. China plans to build a strategic oil reserve...
Despite that aggressiveness, China's overseas investments supply just 5% of imports--the rest is purchased on the open market. Mainland oil companies have twice been foiled in their efforts to buy stakes in fields in Kazakhstan, and they haven't secured any other significant drilling rights in Central Asia or the Middle East. The fields that Chinese companies have bought into are already mature, and many experts feel they have overpaid. "China has been singularly unsuccessful in its overseas ventures," says Jim Brock, a Beijing-based energy consultant. "They're trying to learn in a decade what...
...runner's high? Davis pays his U.S. factory workers an average wage of $12 an hour, plus benefits, compared with 40¢ an hour for a worker in mainland China, where 76% of U.S. athletic footwear originates. The tax breaks Congress just passed for U.S. companies to keep manufacturing jobs at home amount to chump change given that gap. Overall, the U.S. footwear industry has shed nearly 200,000 jobs since the early 1970s, leaving fewer than 21,000. More to the point: What teenager clamoring for Air Jordans really cares where the shoe is stitched...
...TIME: Is eventual reunification with the mainland feasible? Chen: If we look at the example from the European Union, they started their integration process from economics, trade and culture. We would not exclude the possibility of establishing any kind of political relationship so long as it has the consent of our 23 million people...