January 8, 2006 |
American homeowners wondering what follows a housing bubble can look to China's largest city. Once one of the hottest markets in the world, sales of homes have virtually halted in some areas of Shanghai, prompting developers to slash prices and real estate brokerages to shutter thousands of offices. For the first time, homeowners here are learning what it means to have an upside-down mortgage -- when the value of a home falls below the amount of debt on the property.
July 20, 2005 |
China's economy maintained its blazing pace of growth in the second quarter, government officials reported today, confounding analysts' expectations of a slowdown and increasing concerns about overexpansion that could lead to a crash landing. Officials in Beijing said the Chinese economy expanded by 9.5% in the second quarter over the year-ago period, essentially unchanged from the growth rate in the first quarter and all of 2004.
April 20, 2005 |
Defying forecasts that its growth would slow this year, China's economy expanded at a rapid pace of 9.5% in the first quarter, boosted by substantial gains in net exports and consumer spending, Chinese officials reported today. The stronger-than-expected annualized growth rate matches China's pace of expansion in the fourth quarter and all last year.
September 4, 2004 |
If power is the lifeblood of an economy, China is hemorrhaging. Across the country, electric utilities can't keep up with demand, generators are hot sellers and brownouts endemic. It's been a brutal summer in China, with temperatures in the south frequently exceeding 100 degrees, putting an enormous strain on the electric grid. The shortages have spurred a host of innovations, from the clever to the absurd.
September 29, 2002 |
Imagine 1.3 billion people getting a seven-day paid vacation at the same time. Now imagine that happening three times a year. It's a holiday with Chinese characteristics. And leaders of the world's most populous country swear by the power of mandatory rest and recreation to keep the economy humming.
May 2, 2002 |
China marked Wednesday's May Day holiday by giving its citizens a week off. But plenty of China's 1.2 billion people would rather be working. Despite a booming economy, the jobless rate is surging to record levels, creating a potential time bomb. The country has already shed tens of millions of jobs in the painful transition to a market-oriented economy. About 20 million more people could lose their jobs in the next four years, according to the Labor Ministry.
March 1, 2002 |
Zhou Xiaorong was helping to build a new fireworks factory when he heard a boom from his nearby village. It was the sound of yet another tragedy for the industry. The epicenter was literally in the 28-year-old peasant's backyard. Zhou lived next door to another fireworks factory, the biggest in the area. The explosion at the business in late December leveled homes and uprooted trees. Even miles away, ceilings crumbled and windows shattered. People screamed. Livestock ran amok.
September 10, 2001 |
On paper, China's economy looks great: Growth is moving forward at a rate of 7.9% a year, companies are racing to modernize, and the country is on the brink of joining the World Trade Organization. A closer look, however, reveals an unsettling scene. Reforms are throwing tens of millions out of work. Public debt is rising, export growth falling, and banks are drowning in a sea of bad loans. Rural incomes are lagging, and drought has left 23 million Chinese without enough drinking water.
August 19, 2001 |
It should be a perfect fit: the know-how and wealth of world-wise Hong Kong, harnessed to develop China's poor, remote and seemingly boundless western areas. Encouraged by Beijing to take a look at China's "wild west," Hong Kong Chief Secretary Donald Tsang in May put together an impressive delegation of about 150 prominent business leaders, then accompanied them on a 10-day swing through the vast region.