Word: shanghaied
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...heavy snowfall severed crucial transport arteries including major rail lines, highways and airports; power outages rolled across 17 provinces, forcing factories and businesses to close. The southern part of the country, which hadn't seen snow like this since 1954, was woefully unprepared. Even more northerly cities such as Shanghai, which is near the coast, were staggered by winter's wallop. At least 49 deaths were blamed on the storms...
...having had to be relocated. Damage, including the collapse of 100,000 houses, is estimated at $3 billion. Central Hunan province, which saw its heaviest snowfall in half a century, was the worst hit, with $1.5 billion in damage and 29 million affected, the state-run China Daily reported. Shanghai closed four expressways, and the cancellation of 2,000 buses and nearly 100 flights left thousands stranded...
...China than it does to the United States. But developing nations have been anything but safe havens in the recent turmoil, indicating that the decoupling theory will now be tested with a vengeance. "There's no question the slump in the US will have hurt [Asia's] exports," says Shanghai-based economist Andy Xie. Morgan Stanley's Roach believes decoupling is "one of those nice theories you hear at the top of market bubbles." The fact is, Roach argues, "that Asian consumers are too small to make up for the void created by U.S. consumption...
...decoupling" of emerging economies, the theory that countries like China and India are no longer dependent upon U.S. trade and can continue to power strong global growth even as the U.S. staggers. "There's no question the slump in the U.S. will hurt [Asia's] exports badly," says Shanghai-based independent economist Andy Xie. Indeed, demand for such diverse goods as iron ore mined in Australia and toys manufactured in China is already slowing, because for the first time in a decade the "key driver of the U.S. economy, the consumer, seems to have finally thrown in the towel," says...
...increasingly evident to customers. China's airports are infamous for flight delays and cancellations. The CAAC reports an 80% on-time-arrival rate countrywide, but frequent fliers traveling through clogged metropolitan airports beg to differ. On Nov. 20, for example, more than 50 flights to and from Guangzhou and Shanghai were delayed, keeping more than 6,000 passengers waiting as long as 10 hours for takeoff. Such delays are often caused by conflicts with the country's military. The People's Liberation Army confines commercial aircraft to narrow corridors of airspace, and carriers must hold or cancel flights...