Word: xie
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...losses," reckons Matthew Sharratt, an economist with Bank of America in London. But the calm is not likely to last, not in this environment. "The ripple effects of the end of the credit bubble will be enormous - it will hurt economies everywhere," says Shanghai-based economist Andy Xie. "It's just not clear right now what the next piece of bad news is, or where it will come from." And that's a big part of the problem. In financial markets, ignorance is never, ever bliss...
...Chinese bourses exceeded that of all other Asian stock exchanges combined, a first. There are even reports of retail investors borrowing against newly purchased apartments or houses-shades of Japan in the late 1980s-to buy stocks. "I'm afraid this thing is in its final frenzy," says Andy Xie, an independent economist in Shanghai. "People are going to get hurt...
...that spells more Hummers and luxury condominiums in Beijing and Shanghai for Shanxi's coal barons. The cash to buy their cars and toys will come from the sweat--and perhaps blood--of men like Xie Daibing. Xie, originally from the remote and dirt-poor province of Gansu, on the border with Tibet, works in a mine less than a mile from the shaft in Zuoyun County where the 57 miners drowned. "No, I'm not scared," he says, although he looks it, a frown creasing his forehead and his fingers restlessly juggling his cigarette pack and lighter. Xie says...
...government hasn't done much to halt the spread of such hothouses of faith. But that may be changing, as evidenced by the assault on the Hangzhou church. The mandarins in Beijing have always reserved special venom for groups they label xie jiao, or evil cults. The most famous is the brutally suppressed Falun Gong movement, but the authorities may be tempted to extend that label to the Christian sects that are growing the fastest--those practicing fervid forms of worship that stress miracles and personal inspiration through prayer. A number of cultlike, pseudo-Christian offshoots have sprung...
...tide may be ebbing. Xie says "liquidity has slowed sharply" in the world's major economies, and investors who are still bullish had better be careful. "The last time [sentiment] was like this was in 2000," says Xie, shortly before the tech bubble was pricked in part by interest-rate hikes. Likewise, Xie expects rising rates to put an end to today's stock boom. Others aren't so bearish, but concede that higher rates may at least temper equities' recent giddy gains. Citigroup last month lowered its expectations for global stock returns for the next 12 months...