Word: taos
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...according to China's Purchasing Managers' Index, resulting in reduced hiring by the sector. Meanwhile, a 50% drop in China's stock markets from their peak last October is creating a reverse wealth effect, some economists believe, leading both consumers and companies to be more cautious about their outlays. Tao Wang, an economist with Bank of America in Beijing, says China's GDP growth will slow to 10% this year, down from 11.4% in 2007, and could drop...
...first entry in the Cannes competition. Jia's stately, static camera style is well suited to the story, which weaves the comments of workers from a Chengdu factory with three fictional monologues, delivered by distinguished actresses of three periods of Chinese cinema: Joan Chen, Lu Liping and Zhao Tao. "As far as I'm concerned," Jia says in a program note, "history is always a blend of facts and imagination...
...rules to allow limited sales of previously non-tradable equities held by big investors in listed firms. But it was the transaction-tax cut that got the market climbing again. "The tax drop is an important signal of the government's resolve to salvage the market," says Dong Tao, chief regional economist at Credit Suisse in Hong Kong. "The financial benefit investors are getting from the new policy is trivial, but the reassurance from the government...
...market is going to go down very quickly. "I will sell all my stocks this afternoon, even though I will still lose money." Like Fang, millions of Chinese small investors have put their life savings into the market that has risen 600% over the last two years. Dong Tao says: "Many Chinese investors used to think China's stock market is like an ATM machine. You type your password in and money comes out." Not anymore. The decline of China's stock market sped up this January, and it fell straight through the past three month...
...Still, despite the recent drop, analysts are optimistic. "The government does not want to see the worsening market start to bring about negative impact on China's economy and social stability," Dong Tao says. He believes the government wants to see the market rise steadily, but slowly, for the next few months. "Last May's tax increase unveiled the beginning of decline. Therefore the tax cut yesterday might as well be an indicator for the start of rise. If the market doesn't respond to the tax drop, more policies are bound to be issued," he says...