Word: shanghaied
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...With global growth expected to slow further in coming months, the pressures facing manufacturers certainly will increase. Some Chinese companies are giving up their export businesses entirely. Shi Junmin, CEO of Pinghu Mingda Bag and Suitcases Co. in Zhejiang province near Shanghai, had been selling suitcases to U.S. customers since 2006. He stopped in June. Orders were still flowing in from America, but clients, strained by the financial crisis, were not paying him, Shi says. By midyear, he says, he was owed some $3 million. Shi instead shifted to manufacturing luggage for local China brands, hoping domestic sales could rescue...
...that export orders at some 70,000 factories owned by Hong Kong companies in southern China have declined 5%-10% this year compared with 2007. Recent months have seen a first wave of bankruptcies and closures among the tens of thousands of factories in industrial zones from Guangzhou to Shanghai that make toys, jeans and PCs bound for U.S. retailers...
Produced by Shanghai Jiao Tong University’s Institute of Higher Education, this survey is heavily weighted towards the natural sciences with less emphasis on the humanities. Independent observers have claimed that the rankings have been impossible to duplicate accurately...
...former U.S. diplomat in Shanghai who began his career as a translator for a ping-pong tournament between U.S. and Chinese competitors spoke here yesterday on China’s path to modernization. Douglas G. Spelman, who served as Consul General in Shanghai for three years, was the featured speaker for the Neuhauser Memorial Lecture held at Harvard’s Fairbank Center for Chinese Studies. Spelman, who was an East Asian history Ph.D. candidate at the Graduate School of Arts and Sciences at the time that he had his first foray into Chinese-American relations with...
...Hong Kong's battered Hang Seng index bounced particularly strongly in afternoon trading, ending the day with a 10.2% gain. Stocks in Korea and Singapore also ended sharply higher, gaining 3.8% and 6.6% respectively. India's Sensex added 7.7%, while China's CSI 300 index, which measures both the Shanghai and Shenzhen exchanges, was up 4.12%. Japan's stock market, which last week suffered the worst rout in its history, was closed Monday for a holiday. "I think markets took a breath and will rebound in the next few days," says Sean Tsang, senior vice president of Polaris Securities...