Word: wens
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...railroads, highways and power grids. Another 25% will go to reconstruct entire towns in Sichuan province that were devastated by last year's earthquake. These are "shovel-ready" infrastructure projects, and financial markets rallied on March 4 partly due to expectations - unfounded, as it turned out - that Chinese Premier Wen Jiabao would unveil a second round of stimulus measures on March 5 during the opening of China's annual National Party Congress in Beijing. (See pictures from the Beijing Olympics...
...China. As the nation's one-time top Chinese American politician, Locke has kept in close contact with his parent's homeland. He arranged for Chinese President Hu Jintao to start off his first state visit in 2006 to America in Seattle, and has met privately with Chinese Premier Wen Jibao - a rare event for any U.S. politician. He also ran a leg of the Olympic torch relay before 2008's Beijing Olympics...
...crisis. As China's manufacturing sector reels from the global drop in demand for its wares, trade will likely dominate all near-future discussions with the U.S., China's biggest trade partner, and could become the primary source of bilateral friction. In a January speech at Davos, Chinese Premier Wen Jiabao lectured about the "inappropriate macroeconomic policies of some economies" with low rates of savings and high consumption - an "unsustainable model of development." In other words, the U.S. When outgoing U.S. Treasury Secretary Paulson was quoted as suggesting that China's high rate of savings helped set off the worldwide...
...months of vigorous initiatives to keep people employed. Last month, Wang Dong, head of Beijing's Assets Supervision and Administration Commission, announced that all state-owned enterprises in the Chinese capital are forbidden from laying off any of their 750,000 employees in 2009. In December and January, Premier Wen Jiabao visited local businesses in the city of Chongqing and in Jiangsu Province and pleaded with them not to "resort to redundancy easily, and to try to stabilize the employment situation by all means...
...Wen's 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...