Word: yuan
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...just because you can afford to buy doesn't mean you will - or should. China's banks are still grappling with internal and external issues, including a shallow talent pool, a shortage of managerial expertise and a local currency that is not convertible, which makes it cumbersome to mobilize yuan assets to acquire and grow overseas businesses. Recent purchases by Chinese financial institutions have not turned out well. Insurer Ping An, which paid $3.5 billion for around 5% of Fortis, a European financial group, has decided to write off most of that investment after Fortis' share price fell...
...resenting the bridge as a white elephant, the residents of nearby Guanling, a one-stoplight town where the average income is less than $150 a year, view it as crucial to economic development and improvement in their lives. "I really cannot wait for the bridge to be completed," says Yuan Bo, 25, a graphic designer who takes a two-hour bus ride every week from his home in Anshun to help in his family's Guanling restaurant...
What's good for Yuan Bo and Guanling is good for China. While the recession-racked West debates the wisdom of borrowing billions of dollars and spending it on economic stimulus, China is reaching into its vast financial reserves to launch one of the most ambitious and expensive public-works programs ever undertaken. The Baling River Bridge is only one of hundreds of infrastructure projects - ports, airports, bridges, schools, hospitals, highways, railroads - on which China plans to spend about $450 billion over the next several years. Announced in November, this pumped-up New Deal is aimed at more than cushioning...
...family were trying to make a few sales, a white van swooped in. At least 10 men jumped out and began confiscating the family's fruit and three-wheeled cart. "My mother would not let them take the cart," says Su's daughter, Yuan Fang. "But the young men were hot-tempered, and they started hitting...
...indication of the suspicion with which the chengguan are held by average citizens. Hundreds of people surrounded the van, shouted at its occupants and even attempted to turn the vehicle over. "Many of them stood up for us, accusing the thugs of beating a defenseless old woman," says Yuan. It was only around 6 p.m., seven hours after the clash began, that the crowd allowed the van to escape...