Word: mainlanders
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...time when Chinese-made products are seizing global markets, the 12 Girls Band has become the mainland's first pop-musical export. The Sino-Japanese balance of cultural trade used to be decidedly in Japan's favor. Although Chinese youth followed Japanese TV dramas and pop idols, the straitlaced mainland entertainment industry offered little in exchange. But today, the 12 Girls Band (which actually numbers 13, including one alternate) is ubiquitous in Japan. They star in commercials for chocolate and cell phones, comedians parody them on TV, and in what may be the most compelling proof of their fame, there...
...There's little doubt that a sharp economic contraction in China, such as the one the mainland experienced in the early 1990s, would cause severe withdrawal pangs in economies such as Japan and Taiwan, and could even plunge them into recession. But that fate would not be shared evenly or universally throughout Asia, economists note. Despite the euphoria about China as the Next Big Thing, many observers are quick to downplay the notion that Asia is as dependent on China (yet) as the conventional wisdom held even a few months ago. The mainland is still not nearly...
...prices have been falling for several weeks, to the delight of many. Jeffrey Sheu, spokesman for Taiwan-based bicycle maker Giant Manufacturing, applauds China's efforts to rein in the economy, because rising materials costs have eroded profit margins. Not only that, Giant, which operates three factories on the mainland and sells to Chinese consumers, hopes that tougher lending rules will prevent additional entrepreneurs from entering the business. "The bicycle industry in China is overcrowded, with too may competitors and too much price competition," he says...
...Even Japanese and Korean steel, basic-materials and capital-equipment manufacturers-the companies you'd expect to be most despondent about reduced demand from the mainland-are philosophical. China's big appetite resulted in supply shortages and inventory disruptions. A respite from the insatiable dragon will give them an opportunity to reload. Says a spokeswoman for POSCO, Korea's largest steel company, "These constraints will have a short-term negative influence, but long-term, this is actually progress." Likewise, Japan's and Korea's giant electronics conglomerates are sanguine. Toshiba, for example, sold $1.3 billion worth of goods in China...
...China that bears no relation to reality," says Arthur Kroeber, managing editor of the Hong Kong-based China Economic Quarterly. "This is still a state-directed economy, and the government's latest steps have been a wake-up call." The alarm bells are getting louder. Consumer prices on the mainland jumped 3.8% last month, the highest year-on-year monthly spike in seven years. That is expected to increase pressure on China's central bank to raise interest rates for the first time since...