Word: tianjin
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While the stimulus package has risks, it also affords China a chance to rebalance the country's growing wealth. One by-product of China's prolonged expansion is that coastal regions - marked by boomtowns such as Shanghai, Guangzhou, Xiamen and Tianjin as well as their hinterlands - have grown much faster than the country's interior provinces, which have always been poorer. For years the central government has tried various policies to lift western China, without much result. The infrastructure push gives Beijing another chance to address divisive and potentially explosive wealth gaps that have grown between east and west, rich...
...steely wind off Bohai Bay blasted down the streets of Da'an. Despite the inclement weather on a recent Wednesday morning, a steady stream of villagers appeared at the doors of the Communist Party headquarters in this community of some 3000 located just outside the northern port city of Tianjin, patiently waiting for their chance to cast a vote in triennial elections for the village's chief administrator and his two assistants...
...message appears to have gotten through to China's private sector. Thousands of independent businesses across the country have since made announcements promising zero layoffs and full payment of salaries. To help them keep those commitments, several cities - including Beijing, Tianjin and Shenzhen - have announced policies to encourage companies to keep their workers by reducing the amounts employers must contribute to social welfare programs such as pensions and medical insurance. Local governments are making up the difference with subsidies. The Minhang district in Shanghai alone has set aside a budget of $290 million to assist struggling businesses avoid layoffs...
...concerned about its sluggish domestic consumer demand and recently vowed to expand it by injecting $586 billion into nationwide infrastructure. But a dwindling confidence in the economy seems to be getting in the way of the government's agenda. Here in the industrial town of Dagang, just south of Tianjin, instead of spending more to spur the country's GDP, the Gongs are actually tightening up their wallets for a rainy day. The Chinese have been hardy savers even in the best of times, scoring the highest saving rate among all major countries. Now, more than ever, their money...
...month. "I just like to stay in and watch movies when I'm off from work," says Gong, who describes himself as an indoor person. The farthest trip he's been on in recent years was a one-hour flight to Dalian, a coastal city right across from Tianjin on the Bohai Bay. "Fortunately, [not traveling] saves money...