Word: shanghaied
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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...
...investment and development has translated into prosperity for Xi'an residents. The per capita GDP of the city has increased 150% between 2001 and 2008 to $3,800 (though it remains far behind rich coastal cities like Shanghai, where GDP per capita exceeds $10,500). Consumer spending is growing quickly as well. In the first nine months of 2009, retail sales in Xi'an jumped 19% compared to those in the same period a year earlier, well above the 14.8% posted in China's cities nationally. BofA Merrill Lynch estimates that retail sales in the western provinces rose...
...then marched over to the front desk to plop down their money, often within mere minutes of arriving. Xu Zhanrong, the dealership's deputy general manager, can barely keep the Wulings in stock. Sales of the minivans - manufactured by a joint venture between General Motors, Liuzhou Wuling Motors and Shanghai Automotive Industry - are up some 40% this year, Xu says, with about 50 purchased each day. One big reason, Xu explains, is that his customers, and especially those who come in from the nearby countryside, don't worry as much about saving for their old age as they...
...found visitors pouring in from other parts of China, many attending conferences being held by Chinese companies at the hotel. Now, with Chinese clientele making up 80% of his business, Wiegandt has refocused his marketing efforts away from the U.S. and Europe and toward big Chinese cities like Shanghai and Beijing. "I didn't expect the domestic market to be so strong," he says...
...Fort Hood shootings took place, and he was namby-pamby about the possibility that the shootings were an act of jihad. He has spent too little time focusing on unemployment. He bowed too deeply before the Japanese Emperor. He allowed the Chinese to block the broadcast of his Shanghai town-hall meeting. He allowed the Chinese President to bar questions at their joint press conference (a moment memorably satirized by Saturday Night Live). He didn't come back with any diplomatic victories from Asia. He allowed Khalid Sheikh Mohammed and the other 9/11 plotters to be tried...