Chinese economy

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G20 Near Deal to Open Economies to Scrutiny

'Peer review' system will let nations assess each other's policies

(Newser) - The G20 is on the brink of a deal this morning that will require members to "peer review" one another's economic policies—a substantial shift that will expose the US and China to wider scrutiny from less wealthy countries. The new top table for international negotiation wants less American...

China's eBay Thrives in Global Downturn

(Newser) - China's version of eBay is flourishing despite a crawling global economy and critics accusing the company of abetting black marketeers, the New York Times reports. Started 6 years ago, Taobao.com offers free listings, which forced eBay out of China and lured 120 million users who generate $15 billion in...

China Ditching Dollar for Own 'Redback'

(Newser) - China is speeding up efforts to encourage the use of its currency in international trading, with analysts predicting that the Chinese renminbi will become one of the three top currencies by 2012, reports the Times of London. In recent months Beijing has inked currency-swap deals with central banks from Korea...

China Plans Massive Push for Green Power

Country could be world's leader in clean energy by 2020

(Newser) - China is on course to obtain 20% of its energy from wind and solar sources by 2020—a transformation that would make the country the world leader in renewables. Beijing is ramping up its targets for clean energy, helped by the $590 billion stimulus package passed last year, a senior...

Jobless China Faces Grad Glut
 Jobless China Faces Grad Glut 
Apr 28, 2009 10:53 AM CDT

Jobless China Faces Grad Glut

(Newser) - In recent years, the sight of an unemployed college graduate in China was as rare as a panda. But up to one third of last year's 5.6 million college graduates remain jobless, the Wall Street Journal reports. After years of the country's mostly state-run universities upping enrollment by as...

China's GDP Crawls, But Worst May Be Over

Growth sinks below 'danger line' but experts believe rebound is coming

(Newser) - China's GDP growth fell to its lowest level last quarter since Beijing started keeping records in 1992, the Wall Street Journal reports. The 6.1% growth, however, is in line with forecasts and actually seen as decent news by many economists. Data on loans and industrial growth suggest that the...

Pentagon Game Simulates Global Economic Warfare

The exercise showed China to be the savviest economic operator

(Newser) - Last month, the Pentagon hosted a new kind of war game, focused not on a “shooting war,” but on how hostile states might damage the US economy, Politico reports. Instead of decorated military brass calling the shots, shirt-sleeved hedge fund managers, academics, and executives played out scenarios shifting...

China 'Worried' About US Debt
 China 'Worried' 
 About US Debt 
UPDATED
Mar 13, 2009 7:45 AM CDT

China 'Worried' About US Debt

Dollar, Treasurys fall as Wen voices concern

(Newser) - The dollar and US Treasury bonds fell today after Wen Jiabao, the Chinese premier, voiced concern about the safety of US debt. As the American government's largest creditor, China has asked for reassurances that the US government demonstrate the safety of China's assets. "To be honest," said Wen,...

China Outlines Stimulus Plans, But Offers No New Boost

Investors looking for more spending

(Newser) - China's prime minister announced a slate of new construction projects and increased subsidies to keep the country growing amid the global financial crisis. In his annual speech to the country's legislature, Wen Jiabao admitted that China faces "unprecedented difficulties and challenges" and would need to shift policies to push...

China's Q4 Economic Growth Slows
China's Q4 Economic Growth Slows
Jan 22, 2009 9:00 AM CST

China's Q4 Economic Growth Slows

Economy grew by 9% in 2008, down sharply from 13% in 2007

(Newser) - China’s economy expanded at 9% in 2008, in a drastic slowdown marking the first time China has seen single digit growth since 2002, reports the Wall Street Journal. A soft export market and its own housing collapse slowed fourth-quarter growth to just 6.8%, threatening the government’s baseline...

Tea Bubble Bursts, Leaving Chinese Broke

Boom and bust results in a bitter fate for tea-growing heartland

(Newser) - Thousands of people in China's Yunnan province were left in the cold when the country's red-hot tea market collapsed last year, the New York Times reports. The newly affluent nation went wild for the Pu'er region's distinctive fermented tea—said to reduce cholesterol and cure hangovers—during its decade-long boom....

Chinese Sad to See Bush Go
 Chinese Sad to See Bush Go 
Jan 15, 2009 6:36 AM CST

Chinese Sad to See Bush Go

President's free-trade, Taiwan policies get thumbs-up

(Newser) - George Bush is leaving office with rock-bottom ratings in the US but he'll be missed by his many Chinese fans, reports the Los Angeles Times. The president—affectionately called Xiao Bush, or "Young Bush"—is credited with helping China's economy blossom with his free-trade policies. Many fear his...

China Test-Runs 'Immoral' Horse Betting
China Test-Runs 'Immoral' Horse Betting 
glossies
Jan 3, 2009 11:02 AM CST

China Test-Runs 'Immoral' Horse Betting

Horse racing returns to mainland for first time since Communist victory

(Newser) - China is taking slow and cautious steps towards unlocking its huge betting market, the Economist reports. Gamblers at a Wuhan racecourse recently became the first people allowed to try their luck on the horses since the Communists outlawed gambling in 1949—although a winning pick only rewarded customers 20 lottery...

Spending Beyond Our Means? It's All China's Fault
Spending Beyond Our Means? It's All China's Fault
analysis
Dec 26, 2008 12:13 PM CST

Spending Beyond Our Means? It's All China's Fault

The time of the reckoning is here, NYT says

(Newser) - The financial crisis is, in part, a result of the uncomfortably tight economic embrace between the US and China, New York Times reports. China has long fostered an unsustainable credit cycle by keeping its currency artificially cheap and lending massive sums to the US. “Nobody wanted to get off...

Madoff Scheme Not Much Worse Than Legal Ones
Madoff Scheme Not Much Worse Than Legal Ones
OPINION
Dec 17, 2008 10:30 AM CST

Madoff Scheme Not Much Worse Than Legal Ones

End of communism let Wall Street become unhinged: Friedman

(Newser) - Wall Street used to be the epicenter of capitalism that the whole world wanted to emulate, but, on a trip to Hong Kong, Thomas Friedman discovers that the American financial establishment has lost its credibility. "We don’t just need a financial bailout," he writes in the New ...

Chinese Exports See First Drop in 7 Years

Unexpected 2.2% fall has analysts fearing major crisis for powerful economy

(Newser) - China’s exports have taken a sudden, unexpected hit from the global economic crisis, possibly an early indication that the world’s fourth-largest economy is on the verge of crisis. Exports, expected to rise at least 15%, shrunk instead by 2.2%, marking the first such fall in 7 years...

China's Heavy Industries Steel for Crash

Global downturn freezes country's industrial transformation

(Newser) - The global slowdown is rapidly shutting down China's heavy industries, the New York Times reports. Just months after the government warned that the red-hot economy could lead to runaway inflation, the nation's steel, cement and construction industries now find themselves with a huge excess of capacity—and workers. Growth is...

Chinese Automakers Seek US-Style Bailout

Country's carmakers look to Beijing as slowdown puts the brakes on sales

(Newser) - China's automakers are looking to emulate a new Detroit invention—a bailout, the New York Times reports. After years of rapid expansion, the industry has been hit by a sudden slowdown as confidence crashes both home and abroad. Executives are now quietly pressing Beijing for a US-style rescue package to...

Slowdown Puts Mining Outfits in Deep Hole

China's drop in demand further drives down commodities

(Newser) - Mining companies are shutting down production, laying off workers, and trying to sell excess product as the global economic slowdown drills into the industry’s profits, reports the Wall Street Journal. Metal prices dropped a record 35% last month, and nearly every mineral has been hit. Mining, once an economic...

China Unveils Massive $586B Stimulus Bill

Beijing focuses on boosting infrastructure, social welfare

(Newser) - China announced a $586 billion stimulus package today in its biggest move to stop the global financial crisis from hitting the world's fourth-largest economy. A statement on the government's website said China's Cabinet had approved a plan to invest the money in infrastructure and social welfare by the end of...

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