Word: shanghaiing
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...generation's reluctance to agitate for reform is driven in part by a reluctance to tarnish China's moment in the sun. "They are proud of what China has accomplished, and very positive about the government," says P.T. Black, who conducts extensive marketing research for a Shanghai-based company called Jigsaw International. The political passivity of China's new élite makes sense while the good times roll. The question is what will happen to the Me generation - and to China - when they...
...anyone who visited the workers' paradise when it was still the land of Mao suits and communes, trying to reconcile that China to the one that young élites live in today is disorienting. When I first visited China in 1981, I went to the People's Park in Shanghai with two traveling companions. Our obligatory Foreign Ministry "guide" ushered us through a special gate reserved for "foreign friends." A knot of young Chinese had gathered outside. As we passed, a few made loud comments about the unfairness of having parts of the People's Park reserved only for foreigners...
...single generation. The naive, wary Chinese I met that day could be the parents of the group gathered for the seafood feast in Beijing. But there is almost nothing about the appearance, attitudes, life experience, education or dreams for the future that those young people in the Shanghai People's Park share with the likes of Vicky and her friends...
...foreigners travel more and more extensively on the mainland, outlets such as Zhuji, not far from Shanghai, could mean a decreasing number of pearl shoppers for Hong Kong. Even Joanne Larby, headed next to Beijing, decided to hold off on her shopping. "If bargains are this good here," she says, "imagine how great they'll be in China...
Again and again in these past few months, financial markets have appeared to be on the verge of something very scary. It happened first and most jarringly in February, when subprime-mortgage woes made headlines in the U.S. and a market crashlet in Shanghai sent global stocks into a swoon. Lately the scares have been smaller but more frequent: a sharp rise in interest rates in May, runs on a couple of hedge funds in June, a sudden drop in demand for risky mortgage and corporate debt in July...