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Chinese leader says China losing competitive edge-By Associated Press |
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By UCFABC on
11/30/2008 10:10 AM
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Play Video Video: fast:track:flying in the face of recession BBC Play Video Video: Recession-proof businesses KVUE-TV Austin Related Quotes Symbol Price Change
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BEIJING – Chinese President Hu Jintao warned that China has started to lose its competitive edge in trade amid the global financial crisis, as he told Communist Party leaders the challenge posed a test to the government's ability to rule, state media reported.
China's economic growth is expected to fall to about 9 percent this year, down from last year's 11.9 percent. That would be the fastest of any major economy, but Chinese leaders worry about possible unrest as unemployment rises, especially in export industries where factories are shutting down as global demand plummets.
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China announces $586 billion stimulus plan-By Scott Mcdonald, Associated Press Writer |
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By UCFABC on
11/9/2008 12:06 PM
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China announces $586 billion spending package to boost domestic demand
BEIJING (AP) -- China announced a $586 billion stimulus package Sunday in its biggest move to stop the global financial crisis from hitting the world's fourth-largest economy.
A statement on the government's Web site said China's Cabinet had approved a plan to invest the amount in infrastructure and social welfare by the end of 2010.
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Best and Worst Bang for the Buck Cities-by Abha Bhattarai- |
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By UCFABC on
10/15/2008 7:58 AM
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The economic storm sweeping the country has left Americans with few places to hide.
But those looking to hunker down might want to head to Texas, where they can get the best value for their dollar.
That's because Austin and San Antonio lead our list of places where your money goes farthest. Residents of both enjoy affordable housing and promising prospects for job growth in coming years. Houston and Dallas also land in the top 10, at Nos. 4 and 7, respectively.
"Texas, as a whole, is one of the few economies that's performing extremely well because of the energy and technology sectors," says Andrew Gledhill, an economist at Moody's Economy.com. Plus, he added, military bases in San Antonio have continued to draw a steady steam of personnel and federal employees to the city, spurring widespread job growth.
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A Biblical Seven Years-By THOMAS L. FRIEDMAN, The New York Times |
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By UCFABC on
8/28/2008 5:47 AM
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After attending the spectacular closing ceremony at the Beijing Olympics and feeling the vibrations from hundreds of Chinese drummers pulsating in my own chest, I was tempted to conclude two things: “Holy mackerel, the energy coming out of this country is unrivaled.” And, two: “We are so cooked. Start teaching your kids Mandarin.”
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First Chinese traveling to US under new agreement-By CHRISTOPHER BODEEN Associated Press Writer |
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By UCFABC on
6/18/2008 8:24 PM
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BEIJING—Chinese tour groups headed to the U.S. on Tuesday under a new agreement that the American travel industry hopes will bring in billions of dollars.
An initial group of more than 200 tourists was flying from the cities of Beijing, Shanghai and Guangzhou for a 12-day visit that will take them to destinations including New York, Washington and Los Angeles. The trips cost about $4,000 each.
Chinese with visas have long been permitted to travel to the U.S. but the agreement signed last December considerably eased the way by conferring China's "approved destination status" on the country.
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China yuan hits new high against US dollar----By Elaine Kurtenbach, AP Business Writer |
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By UCFABC on
6/18/2008 7:14 AM
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Chinese currency hits fresh high against US dollar as strategic economic talks resume
SHANGHAI, China (AP) -- The Chinese yuan gained against the U.S. dollar on Wednesday, hitting a fresh high as American and Chinese officials resumed talks centering on trade and other strategic issues.
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Washington wants Beijing to loosen controls on currency trading and allow the yuan's rate to set by market forces. U.S. manufacturers contend that the restrictions keep the yuan's value artificially low, giving Chinese exporters an unfair advantage and boosting China's trade surplus.
The yuan has gained about 20 percent against the U.S. dollar since Beijing revamped its foreign exchange trading system in July 2005, revaluing the currency by 2.1 percent to 8.11 yuan to one dollar.
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