Chinese economy

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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...

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...

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...

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—...

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...

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...

Okay, Okay, I Praise China Too Much
Okay, Okay, I Praise
China Too Much
Thomas Friedman
Sep 22, 2010 12:38 PM CDT

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’...

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...

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...

The Grass Isn't Greener in China
 The Grass Isn't 
 Greener in China 
JONAH GOLDBERG
Feb 23, 2010 1:22 AM CST

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...

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...

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...

Obama Can Expect No Love From Beijing in 2010
Obama Can Expect No Love From Beijing in 2010
OPINION
Jan 12, 2010 4:37 AM CST

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...

Dow Up 46 Ahead of Earnings
 Dow Up 46 Ahead of Earnings 
MARKETS
Jan 11, 2010 3:12 PM CST

Dow Up 46 Ahead of Earnings

China reports big 56% jump in imports from year-ago

(Newser) - The markets were mixed today as traders awaited the launch of quarterly earnings season, which began after the bell. Dow component Caterpillar gained on trade figures from China, the Wall Street Journal reports.
  • The Dow gained 45.80 points to close at 10,663.99.
  • The Nasdaq lost 4.76,
...

China Binges on Luxury Cars
 China Binges on Luxury Cars 
Dec 7, 2009 8:53 AM CST

China Binges on Luxury Cars

Mercedes, BMW, Audi get big bump from the dragon

(Newser) - The hottest new market for luxury cars is China, where Mercedes, Audi, and BMW all reported huge increases in sales in November. Mercedes delivered 8,700 cars to China last month, the company said, “nearly three times the number sold in November 2008.” Audi sales more than doubled...

Chinese Weddings Fuel Real Estate Boom

Newlyweds help boost property prices by 80%

(Newser) - The biggest wedding boom in history is helping power China's economic growth and may push its housing market into dangerously overinflated territory. Children of China's baby boomers are coming of age in the tens of millions, and as coddled only-children who did not inherit their parents' thrift, are throwing lavish...

Garlic Investors Smell Money
 Garlic Investors Smell Money 
Nov 28, 2009 2:02 PM CST

Garlic Investors Smell Money

Hoarding, speculation create garlic millionaires in China

(Newser) - A massive rise in demand for garlic is making plenty of people in China stinking rich. Prices in China—the world's largest garlic producer by far—have risen 15-fold in big cities and even more in far-flung regions. Two key factors seem to be behind it: garlic's reputed powers to...

US Needs to Regain Faith in the Future
 US Needs to Regain 
 Faith in the Future 
DAVID BROOKS
Nov 17, 2009 4:00 AM CST

US Needs to Regain Faith in the Future

China shouldn't have monopoly on dynamism

(Newser) - America needs to overcome its "crisis of faith" caused by China's phenomenal growth, writes David Brooks. Today's China is optimistic, forward-looking, and dynamic in the way America once was and should hope to be again, he points out in the New York Times . Surveys show that 86% of Chinese...

China Must Be Confronted on Currency
 China Must Be
Confronted on Currency
PAUL KRUGMAN
Oct 23, 2009 5:00 AM CDT

China Must Be Confronted on Currency

Shackling the yuan to the dollar threatens world economy

(Newser) - China has been allowed to get away with its outrageous currency policy for far too long and it's time the world did something about it, writes Paul Krugman. The nation has been keeping its currency effectively pegged to the dollar, and this policy will result in even greater trade imbalances...

Bernanke: US Must Save More, Asia Spend More

Fed chief warns global imbalances could trigger new meltdown

(Newser) - The world economy is headed back down the drain if Asians don't start spending more and Americans don't start saving more, Ben Bernanke said at a conference yesterday. The Fed chief warned that unequal trade patterns were partly to blame for the financial crisis and that they are re-emerging as...

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