China's Boom Economy

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February 2008
- India, China Growth Breaks Western Mold
  
  Boston Review | Feb 3, 08 7:33 AM CST
  
  (Newser) - Conventional wisdom chalks up the economic booms in China and India to their moves toward global capitalism in the '90s. It's a comforting thought for the West, writes Pranab Bardhan in the Boston Review , but the truth is far more complex. The astounding growth in both countries started well before recent market reforms. Bardhan re-evaluates the well-worn myths surrounding the past, present, and future of these economic giants. More »
- China Exports Inflation to US
  
  New York Times | Feb 1, 08 1:35 PM CST
  
  (Newser) - After years of pumping out cheap consumer goods, China is driving up American price tags, the New York Times reports. As costs rise domestically, prices down the supply chain rise at the same time that recession threatens in the US. “China has been the world’s factory,” said one economist. “But its heyday is over. We’re going to see higher prices.” More »
January 2008
- China Economy Adrift as Snow Keeps Falling
  
  Associated Press | Jan 30, 08 4:18 PM CST
  
  (Newser) - As more snow fell today across China, the unusual inclement weather continued to highlight how vulnerable the country's economy is to disruption. The snow has prevented deliveries of food and fuel—particularly coal—and dozens of factories remain closed. State television announced that the government would mount an "all-out war" on the weather crisis, the AP reports. More »
- Foreign Buying Spree Reaches Deep Into US
  
  Washington Post | Jan 28, 08 7:01 PM CST
  
  (Newser) - As the dollar drops, foreign investors are buying up US enterprises large and small, from multi-billion-dollar stakes in Wall Street banks to ownership of chemical factories and construction companies in the likes of North Carolina. Canadian, British and German companies have been expanding their portfolios in the US for years, but the Middle East and China are quickly catching up. And it makes some politicians queasy, the Washington Post reports. More »
- US Sneeze Doesn't Spook Many at Davos
  
  CNN | Jan 23, 08 5:01 PM CST
  
  (Newser) - Bigwigs spooked by the downturn in the US economy aren't spreading their usual cheer at the World Economic Forum in Switzerland, Fortune reports, but many other Davos attendees are smiling. Representatives say the Indian and Chinese economies are strong enough to weather recession; many agree with George Soros that “the current crisis is the end of an era based on the dollar.” More »
- China Cracks Down on Online Games
  
  Reuters | Jan 17, 08 12:03 PM CST
  
  (Newser) - China is cracking down on its booming, billion-dollar online game industry, which is seen as “spiritual opium” that threatens to hook the Chinese people, Reuters reports. The government today said it plans to regulate “undesirable” elements out of the game, which 41 million Chinese played this year. “The whole industry is marginalized by mainstream society,” one senior official said. More »
- China Braces for Fallout of Labor Law
  
  Bloomberg | Jan 1, 08 2:21 PM CST
  
  (Newser) - Olympus, Nike, and other manufacturers operating on low margins may close up shop in China after the government’s new labor law protecting workers comes into effect today, reports Bloomberg. The law improves worker security, limits overtime, sets minimum wages, and makes it more difficult to hire temporary workers, among other provisions. It "will definitely raise our costs," says one electronics manufacturer's rep. More »
December 2007
- Yuan-Dollar Battle Continues
  
  Wall Street Journal | Dec 31, 07 9:50 AM CST
  
  (Newser) - Despite the yuan's continued appreciation against the dollar this year, at nearly 7%—double its growth in 2006—critics say the currency needs to adjust even higher to balance China's trade surplus, reports the Wall Street Journal. In the US, China’s economic strength has become a standard concern on the presidential campaign trail as candidates decry Bejiing’s currency manipulation. More »
- Spoiled Chinese Kids Get Traditional Lessons
  
  Washington Post | Dec 25, 07 11:47 AM CST
  
  (Newser) - China's new millionaires have ridden the waves of the country's transforming economy, but not so their children, writes the Washington Post . Raised in privilege and coddled by parents who obeyed the country's one-child policy, the nation's "little emperors and princes" have little experience of hardship and spend money lavishly. Now parents are trying to instill Chinese values in their Westernized children. More »
- 2007: Asia's Banner Year
  
  Bloomberg | Dec 24, 07 2:19 PM CST
  
  (Newser) - Asia's economies are soaring so mightily that Bloomberg columnist William Pesek is passing out awards for Asia's big players in 2007. They range from a “Money Talks” prize, for Arab and Asian leaders who bailed out Wall Street banks, to the “Howard's End” trophy, for Australian PM Kevin Rudd's brave embrace of the Kyoto Protocol. "Yet the biggest news was a not-so-subtle shift in Asia's role in global markets," Pesek writes. More »
- China Unveils 1st Passenger Jet
  
  Bloomberg | Dec 21, 07 12:43 PM CST
  
  (Newser) - China unveiled its first passenger jet today, the first step in its goal to become a major player in the global aviation industry, Bloomberg reports. The ARJ21, which seats up to 90, will make its maiden voyage in March, and the first planes will be ready for customers in 2009. Beijing hopes to meet soaring domestic demand and someday compete with the likes of Airbus and Boeing. More »
- World Bank Cuts China's Economy Down to Size
  
  BBC | Dec 18, 07 7:44 AM CST
  
  (Newser) - China's economy, predicted to become the world’s largest by 2012, actually is 40% smaller than previously estimated, the World Bank concludes, after updating the way it calculates GDP. Although China’s $5.33-trillion economy is still the second largest in the world behind the $12-trillion US, the new appraisal suggests it won't be taking top honors that soon, and it's less powerful, and poorer, than thought, the BBC reports. More »
- China OKs US Health Inspections
  
  Washington Post | Dec 11, 07 10:08 AM CST
  
  (Newser) - China will allow US health inspectors to monitor the country’s food and drug exports, the Washington Post reports, a big concession in heated high-level trade talks. China accuses the US media of tarnishing its reputation by overblowing safety concerns, and has in turn questioned US exports. China is the first of many countries the US hopes to station inspectors in. More »
- China Looks to Buy American
  
  Bloomberg | Dec 10, 07 7:27 PM CST
  
  (Newser) - China, increasingly being called upon to more rapidly adjust the growth of the yuan against the dollar, is looking to expand its investment in US assets as a way to funnel its powerhouse currency out of the country, Bloomberg reports today. Treasury Secretary Henry Paulson visits Beijing Wednesday for a third round of strategic trade talks, and will push yuan appreciation as a consumer price control measure. More »
November 2007
- Airbus Lands $17B in Chinese Orders on Sarkozy Visit
  
  Bloomberg | Nov 26, 07 7:46 AM CST
  
  (Newser) - French companies, led by Airbus, have landed $30 billion in deals during President Nicolas Sarkozy’s first visit to Beijing, where he urged the Chinese to accelerate appreciation of the yuan. The aerospace giant’s $17-billion order put Airbus back in the lead over competitor Boeing for orders this year, Bloomberg reports, and Areva’s $11.9-billion contract to build two nuclear reactors was a company record. More »
- iPhone Ignites 'Love Craze' in China
  
  Wired | Nov 20, 07 7:45 AM CST
  
  (Newser) - The iPhone is not sold in China yet, but already black market iPhones—known as "Ai Feng" or "Love Craze"—have flooded in from Hong Kong. Wired News reports computer superstore shelves are full, and supplies so plentiful the black market price is plummeting. "It's like the whole country has gone iPhone," says one Chinese netizen. More »
- Don't Blame China for Toy Recalls: Study
  
  Globe and Mail | Nov 13, 07 6:13 PM CST
  
  (Newser) - Don't blame China for soaring toy recalls, a new Canuck study says; the problem is design. "If you are going to get into a finger-pointing game, you should point it mostly on the design side," said a Canadian prof. "It has got nothing to do with China." Recalls of toys made elsewhere actually spiked higher than Chinese-made products, the Globe & Mail reports. More »
- Dow Climbs 320, Ending Skid
  
  Bloomberg | Nov 13, 07 3:48 PM CST
  
  (Newser) - The Dow shot up by nearly 320 today, ending 4 days of declines as the markets bounced back in a rally led by financial stocks. A drop in oil prices helped, as did the announcement that Apple was planning to sell its iPhone in China, reports Bloomberg. The Dow surged 319.54 to 13,307.09, the Nasdaq was up 89.52 to 2673.65, and the S&P 500 gained 1.86 to 1481.04. More »
- China's Trade Surplus Hits $27B
  
  Bloomberg | Nov 12, 07 9:40 AM CST
  
  (Newser) - China's trade surplus rose to a record $27.05 billion last month, up 13.5% over last year despite a 25.5% balloon in imports, Bloomberg reports. The number lagged forecasts, raising the possibility that new trade policies are gaining traction, Reuters reports. US and EU officials will travel to China within weeks to push for faster appreciation of what they call an undervalued yuan. More »
- $100 a Barrel Oil Triggers Crisis
  
  New York Times | Nov 9, 07 11:11 AM CST
  
  (Newser) - The planet is headed for the third major energy crisis in a generation, but this one may be more serious and last longer than the others, the Times reports. Energy crises in the '70s and '80s were triggered by interruptions in supply from the Middle East. This time around, the trigger is massive growth in global demand, particularly in developing countries. More »