Word: shougang
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Dates: during 1990-1999
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Then, in late 1992, the Shougang steel corporation of Beijing agreed to pay $15 million for the plant. Soon after, 290 engineers and laborers arrived from China to begin packing up their new possession. After being cut or unbolted, each piece -- some are bigger than a boxcar -- is numbered and labeled in Chinese characters to ensure that the 60,000-ton jigsaw puzzle can be reassembled correctly back home in China. The furnaces now hang oddly in the open air, but within weeks they will be lifted from their cradles and made ready for transport to the port at Long...
HEADQUARTERED IN A SPRAWLING, 1950s-era complex just outside Beijing, the Shougang steel company is a symbol of China's economic prowess -- and its problems. Earlier this year, when credit was easy and the economy was steaming ahead at a 17% annual clip, the state-owned conglomerate and its 270,000 employees could hardly keep pace with consumer demand. Profits soared. Then came the credit crunch orchestrated by economic czar Zhu Rongji, and Shougang felt the sting at once. Customers slashed their orders, and soon Shougang could not pay its bills. The company last month was forced to take...
...fate of Shougang and other state-owned behemoths was much on the mind of China's rulers last week, as they launched a de facto turnaround in Vice Premier Zhu's austerity measures, coupled with a bid to broaden and deepen medium-term economic reforms. A communique issued by the party's central committee indicated that the government was loosening the restraints on credit and growth that it imposed only last July. But the statement also made a significant nod to the importance of the market as "a fundamental factor in the disposition of resources." And it went...
...unregulated credit that was coursing through the system and fueling inflation. In May he cut interbank lending and ordered the recall of $17.5 billion worth of short-term state-bank loans that were largely in speculative schemes. But Zhu's credit squeeze soon led state-owned companies like Shougang to scream...