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...investment accounted for more than 90% of China's overall growth; residential and commercial real estate investment comprised nearly a quarter of that. Toss in the not insignificant fact that it was a huge real estate bust in the U.S. that dumped the world into recession in the first place, and many analysts are now beginning to fear the worst. "China's property market," says independent Shanghai economist Andy Xie, "is a massive bubble." (See TIME's photo-essay "The Making of Modern China...
...Beijing on March 5, draws attention to debt levels being incurred by local governments forging headlong into massive infrastructural and development projects. Even as it was being distributed, Premier Wen Jiabao was telling NPC delegates that the authorities would slow both lending and new construction in 2010, and place additional curbs on speculative property investment. A mortgage discount for first-time property buyers - which made a fixed, 5% 20-year mortgage available for just above 4% - has already been eliminated, and lending standards for buyers looking at second and third properties as investments have been tightened appreciably...
...Beijing in 2003. In fact, the cover-up was revealed by Jiang Yanyong, a courageous Communist Party doctor whose statement on the subject was first published in TIME. The Naisbitts' claim that Hong Kong people "never really demanded" democracy is also nonsense, given the massive demonstrations that took place in 1989 and 2003, and opinion polls that consistently show that most Hong Kong people are in favor of it. (Read "China at 60: The Road to Prosperity...
...Ultimately, the one place this book should do well is China itself. The country's leaders will hardly believe their good fortune at so totally blindsiding the authors, and the ever growing ranks of nationalists will lap up the endorsements of such a famous American commentator as John Naisbitt. But for everyone else, China's Megatrends is puzzling and shameful reading...
...closed courtrooms handled criminal, family law, civil law along with complex litigation and small claims case loads. Similar cuts are taking place in courts across the state. McCoy says the 100,000 Angelenos who use the courts each day can expect growing case backlogs, longer lines and delays in processing judgments. Among those losing their jobs: clerks, court reporters and supervisors. Judge Marjorie Steinberg says her family law departments are losing mental health professionals who help parents negotiate their disputes before they go to court: "You can imagine how tough that is on a family, and on the children, whose...