Chinese economy

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China Stops Trading After Stocks Nosedive

Experts say the 'Great Fall of China' has recommenced

(Newser) - Chinese stocks nosedived Thursday, triggering their second daylong trading halt this week and sending share markets, Asian currencies, and oil prices lower as investor jitters rippled across the globe. The benchmark Shanghai Composite Index tumbled 7.3% before "circuit breakers" suspended trading for the day. The Shenzhen Composite Index... More »

China Now Has More Billionaires Than US

They've had their best year ever despite shaky economy

(Newser) - China has passed the United States in the number of billionaires it boasts, driven by the rise of fortunes in technology and manufacturing, according to a survey released Thursday. Despite a cooling economy, the number of Chinese billionaires rose by 242 this year to 596, according to the Hurun Report,... More »

China's 'Black Monday' Shakes World Economy

World markets very worried after worst fall in 8 years

(Newser) - If the world economy could think, it would probably be wishing it had stayed in bed today. In what even Beijing's government mouthpiece is calling "Black Monday," China's stock market plunged almost 9% today in its biggest one-day drop since early 2007, wiping out all this... More »

China Growth Slumps to 20-Year Low

Slowdown sends ripples through world economy

(Newser) - After two decades of growing at an astonishing rate, China's economic growth has cooled off enough to cause problems in plenty of other economies. Figures released today show the economy grew 7.5% in the first quarter of this year, a rate many countries can only dream of but... More »

In China, Billionaires Fall on Hard Times

Number of billionaires drops for first time in 7 years

(Newser) - Chinese wealth is suffering, according to an annual report that tracks it. The Hurun Rich List finds that, for the first time in seven years, the number of billionaires (in US dollars) in the country has fallen; it's now down by 20 people from last year, to a total... More »

Is China Hiding Mother of All Debt Bombs?

Loose credit, economic stimuli dangerously over-leveraged China

(Newser) - With China's factory production slowing to "just" 8.9% year-over-year in August, down from 9.2% in July, economists there are calling for a stimulus to keep the behemoth economy on track, notes the AP . But that could just fuel a bigger economic disaster, as China's economy... More »

China's Growth Slumps to 3-Year Low

Slowdown is deepest since financial crisis

(Newser) - Hopes that a booming Chinese economy might give the moribund West a boost have taken a hit with the release of figures showing the country's growth is at its slowest since the financial crisis. The Chinese economy has slowed for the sixth quarter in a row, with last quarter'... More »

Premier to Chinese: Get Ready to Buy, Buy, Buy

Consumer spending is what China needs now: Wen Jiabao

(Newser) - China's premier today called on his countrymen to spend big to boost the national economy because international markets aren't up to the job. "Expanding domestic demand, particularly consumer demand, is essential to ensuring China's long-term, robust economic development, and is the focus of our economic work... More »

Foxconn Caves to Pressure, Ups Wages

Apple supplier works to improve conditions following consumer outcry

(Newser) - Foxconn will bump workers' salaries by as much as 25% while decreasing the amount of overtime demanded of them, the company announced this weekend, in a bid to stem the tide of outrage against it and high-profile customers such as Apple, Hewlett-Packard, and Dell. The move is a victory for... More »

Foxconn Workers Vowed to Jump Off Roof in Protest

Chinese employees take action against assembly line conditions

(Newser) - Close to 150 Chinese workers gathered on the rooftop of their Foxconn factory in Wuhan and threatened to leap to their deaths in a "suicide protest" against poor working conditions. The workers were talked down by the local mayor and company officials after spending two days on top of... More »

China: Feeble Dollar Is Hurting Our Economy

'Out of control' printing of dollars is triggering inflation, says minister

(Newser) - China has countered American anger over its artificially low currency with a complaint of its own. America is printing dollars at an "out of control" rate, sending up commodity prices around the world and saddling China with "imported inflation," the country's commerce minister grouses. Inflation in China—... More »

House Votes to Sanction China Over Currency

Bill passes with big majority, but Senate prospects unclear

(Newser) - The House has approved legislation that would allow the US to seek trade sanctions against China and other nations for manipulating their currency to gain trade advantages. The 348-79 vote yesterday sends the measure to the Senate, where its prospects are unclear. Senate supporters hope to get a vote on... More »

Obama Pressures China on Currency

Prez says he'll take action to protect US interests if yuan isn't revalued

(Newser) - President Obama has threatened to get tough with China if it doesn't hurry up and revalue its artificially low currency. The president spent most of a 2-hour meeting with Wen Jiabao yesterday pressuring the Chinese premier on the yuan issue, sending the message that "if the Chinese don’t... More »

Okay, Okay, I Praise China Too Much

Thomas Friedman: But it's because I'm worried about us

(Newser) - China is mocking us. At this year’s World Economic Forum, they aired a cartoon in which a runner representing America fell over panting, while others teased, “He ate too many hamburgers.” And given China’s incredible growth, they have room to tease, says Thomas Friedman in today’... More »

China's SAIC Eyes Big Stake in GM

Move could pose dilemma for Treasury

(Newser) - China’s SAIC Motor Corp. is considering making a big grab for GM shares when the government sells off its stake in the company, creating a potential political dilemma for the Treasury, the Wall Street Journal reports. GM is set to go public again in November, and the government, which... More »

China Passes US in Energy Consumption

Consumed equivalent of 2,252 million tons of oil last year

(Newser) - China has passed the US as the world’s most energy-hungry country, according to new data from the International Energy Agency. China consumed the equivalent of 2,252 million tons of oil last year, about 4% more than the 2,170 million tons the US guzzled. The US is unlikely... More »

The Grass Isn't Greener in China

US problems won't be solved by mimicking other nations

(Newser) - America's present woes have revived the wrongheaded liberal tradition of believing that emulating other countries is the answer, writes Jonah Goldberg. People who suggested becoming more like the Soviet Union or Japan were wrong, and people like Thomas Friedman are just as wrong when they ignore obvious shortcomings to declare... More »

China Buys Stakes in Coke, Apple

But avoids major US holdings in hunt for healthy returns

(Newser) - China's colossal sovereign wealth fund has steered clear of buying large chunks of US firms as it seeks better returns on its portion of the country's $2.4 trillion in foreign reserves. An SEC filing released yesterday shows that the $300 billion fund holds a relatively low $9.63 billion... More »

In Battle With China, Google Stakes Out High Ground

Beijing can't fight openness forever: Roger Cohen

(Newser) - It's about time somebody took China to task for getting rich from globalization while resisting the openness that makes it possible, writes Roger Cohen. The confrontation between Google and China—"the behemoth of global connectedness and the behemoth of global growth"—exposes the paradox behind China's transformation, Cohen... More »

Obama Can Expect No Love From Beijing in 2010

The 'world's most important relationship' is dysfunctional

(Newser) - China's brimming with confidence and that means a rocky year ahead for the world's most important relationship, writes Roger Cohen. US-China relations are likely to take a turn for the worse this year as Beijing, buoyed by its ever-expanding economy and $2 trillion in foreign reserves, rejects President Obama's overtures... More »

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