Word: yuan
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Dates: during 1990-1999
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What keeps the news from being worse? In a word: China. It has been affected by the Asian turmoil, but not much. China is still running a huge trade surplus; its currency, the yuan, is holding steady; and inflation is under control. The change of government in Hong Kong is likely to make little economic difference. China's growth this year and next should be about 9% or 10%. That hefty push should help the global good times keep rolling...
...done." But such political progress hasn't paid off financially in Yangzhuang, a village of 1,200 not far from Li Dongju's peach orchards. Her neighbors say Zhao would "naturally" win any vote, but her current ambitions are all economic. Yangzhuang has no rich orchards, no 10,000-yuan households and little arable land. Hardscrabble farming is still the daily lot as fathers struggle to make a living and sons go off to towns in hopes of more gainful employment...
...women gather in two low buildings they have constructed to house knitting machines purchased with their pooled cash. Working from orders and samples provided by a state trading company, they turn out as many pullovers and cardigans and vests as they can manage. Each woman averages 300 to 400 yuan ($36 to $48) a month. "We are the envy of the village with that income," boasts Zhao...
...wonder too that Rusa Won traded her dull secretarial job with Procter & Gamble for a high-glam marketing post at the Rock 'n' Roll Club. Guangzhou's hottest dance mecca lures a thousand free-spending hipsters a night at 80 yuan ($10) a head. Amid flashing lasers, throbbing strobes, wafts of colored fog, Guangzhou's young and rich pulsate to the pounding, 200-decibel beat of Western rap. "Politics?" hoots an 18-year-old who calls himself Jeff. "We come here to play." "Politics!" laughs his sister, 22, swiveling and shimmying. "I just want to relax...
...Hong Kong people make a big deal out of politics. Guangzhou people come here to forget that stuff." The Cantonese, everyone freely admits, just want to make money. That's why Rusa Won disobeyed her parents to take this "not respectable" job paying 6,000 yuan ($730) a month, considerably more than her parents earn...