Word: yanging
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...shares of China Life Insurance, the country's largest insurer, are up 64% since their Dec. 18 debut. Gold-mining company Fujian Zijin Mining Industry saw its stock price surge 73% in its first day of trading on Dec. 23. "The market is getting hot on IPOs," says Yang Liu, managing director of Atlantis Investment Management in Hong Kong. But she quickly adds a cautionary note: "We have to be extremely selective...
...labor camp system (known as “Laogai”). They don’t systematically torture and kill practitioners of a meditation sect (Falun Gong). And, of most immediate concern for Harvard, they don’t lock up a pro-democracy activist like Kennedy School graduate Yang Jianli on fabricated charges and detain him incommunicado for more than a year...
Half a world away, Yang Rong manages the privately run Jinhua Asset Underwear Co., with a factory tucked into verdant hills a few hundred miles from Shanghai that exports some of the world's sexiest lace bras. On his shop floor, surrounded by 200 young workers outfitted in pink kerchiefs and aprons, Yang points to the wall on which he has taped a laminated list of rules issued by Walt Disney Co., with which Asset Underwear has a contract to make clothing featuring Disney characters. The list prohibits, among other things, indentured servitude and "slavery." Yang thinks that's funny...
...While Yang is sowing prosperity in China, the U.S.'s new penchant for protectionism could bust his big plans for brassieres. Asset Underwear, which grossed $10 million in exports last year, recently began negotiating with Sara Lee, maker of Playtex and Wonderbra, to produce some of its lingerie. But the new quotas on Chinese bras, bathrobes and knit fabrics have forced the Chicago company to withdraw. Yang is mystified. "Why can't the Americans stick to making what we can't?" he asks. "For little things like bras, nobody can compete with China...
Right you are, Mr. Yang, which is why the U.S.'s uneasy embrace of globalization is chafing against China's emergence as the world's workshop. China rules in stocking stuffers, but it's climbing the technology ladder too. Its huge pool of cheap labor--up to 500 million peasants are expected to migrate to cities in search of factory work over the next two decades--should provide 20 more years of growth for an economy that already produces a quarter of the world's television sets and washing machines and half of its cameras and photocopiers. U.S. towns built...