Word: sectoral
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...China's mall woes stem from a bubble-forming combination of inexperience, exuberance and excess capital. Local mall developers are often first-generation capitalists looking to reinvest riches reaped from the booming residential sector, Parker says, and many lack expertise in running successful commercial projects. Local governments push through new mall projects because they hope to enhance infrastructure and increase commerce. Meanwhile bankers, eager to expand their loan portfolios, become too-willing accomplices to overbuilding. Parker calls it a recipe for "the perfect storm." Banks in a mature market "provide the sanity check to a developer, but in China, there...
...Raffles City and the MIXc, a mall in the city of Shenzhen, which borders Hong Kong, have good locations and a profitable tenant mix, says Bryn Davies, executive director of retail services for CB Richard Ellis in Greater China. And, despite the glut of space, the mainland's retail sector remains in bull-market mode. Economists expect as the country's consumer culture continues to develop, demand will continue to increase. China today accounts for 5% of global consumption, but investment bank Credit Suisse predicts that number will rise to 14% by 2015, making the country the world's second...
...Asia doesn't need to worry? Hardly. With the notable exceptions of China and India, key countries in Asia are growing at about 2 percentage points a year more slowly than they were before the crisis, largely because of lower investment. Thailand's banking and corporate sector is in far better shape than a decade ago, but allegations of cronyism under ousted Prime Minister Thaksin Shinawatra and erratic policies by the current military government have unsettled investors. Nationalism is on the rise throughout the region, reflecting a belief that there is so much cash that countries can do without foreign...
...substantive change in the historic--some say hide-bound--system of labor relations, under which unions are represented on the supervisory boards of companies. Kenneth Rogoff, a Harvard professor and former International Monetary Fund economist, sees Germany's improved fortunes as being largely the result of the private sector finding ways to bypass continuing structural roadblocks in the economy. The recovery "has legs," he says, because there's still room to catch up with U.S. productivity levels. But he warns that the current economic upswing "won't last forever without more transparent institutional reforms...
...depends increasingly on China for what it eats. Manufacturing powered China's economic revolution, and the Chinese government is pushing hard for farming to follow suit. The Communist Party wants to keep the countryside from falling too far behind the booming coastal cities. One answer is the farm sector, which generated $31 billion worth of exports last year, up from $13 billion...