Geithner Emphasizes More on Economic Recovery despite Calling China a Manipulator
Although Obama believes Beijing is manipulating RMB exchange rate, the Treasurer nominee Timothy Geithner may give more priority to economic stimulus policies in both China and the US.
The First Blast from Obama's "Speaker's-Corner" Cabinet
U.S. Secretary of Treasury, Timothy Geithner, has sounded the first deafening trumpet blast to China, calling the country a "currency manipulator." Following the diagnosis of Obama's cabinet along a model of "London's Hyde Park Speaker's Corner," can we expect to hear a softer note, maybe even issued privately? For details about the "Speaker's-Corner" model, see ChinaStakes January 2nd article: "Obama's Speaker's Corner Cabinet Yin Yang." The question at hand is whether another Obama cabinet member will offer an alternative view?
Will the Economy Turn Bullish in the Year of the Ox?
Thanks to a series of economic stimulus policies, the macro economic figures in December 2008 show that the pace of economic recession seems to have slowed down. The next six months will tell whether these measures really work. Will we see a turn-around in the lunar year of the Ox?
Credit Expansion Continues in the First Half of January
High credit growth in November and December continued in January. By last weekend (January 16, 2009), the total credit scale of the banking industry reached almost RMB 900 billion. New lending of Industrial and Commercial bank o f China (ICBC), China Construction Bank (CCB), Bank of China (BoA), and Agricultural Bank of China (ABC) reached about RMB 170 billion, RMB 140 billion, over RMB 70 billion and more than RMB 40 billion, respectively.
20 Million Laid-off Migrant Workers May Send China's Unemployment Rate to 10%
20 million! The number of jobless migrant workers brought by the economic slowdown is even higher than the most pessimistic estimation.
Lenovo's Rout: Rethinking the "Going Out" Strategy
From ambitious overseas acquisitions and enterprising recruitment of overseas managers, Lenovo, one of China's benchmark enterprises, is hanging a U-ey on the way of globalization. The contract of CEO William Amelio, formerly a senior executive at Dell, has been allowed to expire and he'll be replaced by present Chairman Yang Yuanqing in the position Yang left in 2001. The company's founder Liu Chuanzhi will again become Lenovo non-executive chairman. The restoration of the Liu/Yang team symbolizes Chinese enterprises' retreat from an aggressive mode of international progress.
ICBC 2009 Loan Growth Booming
January of 2009 has passed, and the Industrial and Commercial Bank of China's (ICBC) new-lending plan for the year has already been half completed, with more than half of the loans going to bill financing.
Intel Closes Its Plant but Strengthens R&D in Shanghai
Intel is going to cease the operation of its factory in Pudong, Shanghai and transfer the production capacity to Chengdu or Dalian. Over 2000 employees may be moved to new positions. But Intel claimed that Shanghai office's role in R&D and investment would be reinforced.
China's Telecom's " Cell Phones to Countryside" Campaign
China's rural areas are proving fertile ground for China Mobile as half of the company's new users every year are springing up from rural markets. Both China Telecom and China Unicom are also looking to the nation's vast countryside for growth opportunities in highly competitive telecoms market.
China #1 in Auto Sales, but It's Not Sustainable
China's auto sales overtook America's to be the world's largest in January, a signal that the economy is still rolling along, but it is doubtful such sales levels can be maintained for long.
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