Word: shenzhen
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...recent months at least two other officials have been targeted by similar posses. In November Lin Jiaxiang, an official with the Marine Affairs Bureau, allegedly followed an 11-year-old girl into the bathroom of a restaurant in the southern city of Shenzhen and grabbed her by the neck. In a video recorded by a restaurant security camera, the official acknowledged to the girl's family that he had grabbed her but said his government position meant there was nothing her family could do about it. The official resigned after a public outcry. Police investigated but declined to file charges...
...firms, many of which grew rapidly in size - sprang up. Prices were freed. As the success of reform became evident in the countryside, it was gradually extended to the cities. Deng endorsed the creation of Special Economic Zones, islands of capitalism in a communist society. (The most famous SEZ, Shenzhen, just north of Hong Kong, knows whom to thank for its prosperity; Deng's statue graces a square in the city.) So China started that long run of supercharged economic growth that has made it the workshop of the world. (See pictures of China hosting the Beijing Olympics...
...exporters, which sent nearly $8 billion worth of Barbies and Thomas the Tank Engines to export markets in 2007, were driven out of business in the first seven months of this year, Beijing's General Administration of Customs said in a recent report. In the city of Shenzhen, the other major manufacturing center in Guangdong province, 50,000 people have already lost their jobs this year. And in Beijing last week, Zhang Ping, chairman of the National Development and Reform Commission (NDRC), the nation's key economic policymaking body, bluntly warned that "excessive production cuts and business closures will cause...
...situation that is only going to get much worse in the next few months, as the number of unemployed balloons. According to estimates by the Dongguan City Association of Enterprises with Foreign Investment, 9,000 of the 45,000 factories in the cities of Guangzhou, Dongguan, and Shenzhen - the heart of China's industrial south - are expected to close before the Chinese New Year in late January. That could mean up to 2.7 million workers facing unemployment, the association said. And they called that number "conservative...
...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 in Hong Kong...