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Green Technology In an Oct. 23 speech at the Massachusetts Institute of Technology, Obama said the country that wins the race to develop renewable forms of energy "will be the nation that leads the global economy." That's something China's leadership heartily agrees with. China has become the world's leading producer of greenhouse gases, and many of its big cities choke on smog from cars and coal-fired power plants. But it is also a global pioneer in renewable energy. The government has mandated that by next year 3% of its power must come from renewable sources, excluding...
...online Chinese audience. But it was the President's own remarks which will have made for the main headlines. Obama defending the freedom of the internet by stating that "I think that the more freely information flows, the stronger the society becomes, because then citizens of countries around the world can hold their own governments accountable." He also spoke frankly about the benefits of individual freedoms when saying, "We do not seek to impose any system of government on any other nation," before adding that unrestricted access to information and political participation are not principles held by the United States...
...Another China skeptic is Pivot Capital Management, investment manager of the $505 million Pivot Global Value Fund. In an August report, it makes the startling claim that China is not 45% urbanized as the World Bank and other international agencies estimate. That figure could be "understated as much as 20%," says Pivot, "meaning that instead of about 350 million people, only 100 million actually would need to be urbanized...
...Never mind that the World Bank, International Monetary Fund, Moody's Investor Service, and various research houses and investment banks take the number at face value. Chang says "Beijing's statisticians have gone back to their old tactic of making up figures to support the Politburo's predictions." He points to inconsistencies in other statistical indicators: car sales jumped 94.7% in August, for example, yet gasoline sales rose just 6.4%. "There are reports that central government officials have ordered state enterprises to buy fleets of vehicles and that these businesses are storing them in parking lots across the country...
...inflated by a front-loaded stimulus package and a surge in credit growth," two drivers that will run out of steam in 2010. "The chances of a hard landing are increasing," the report warns. "The coming slowdown in China has the potential to be a similar watershed even for world markets as the reversal of the U.S. subprime and housing boom...