China

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Chinese Stimulus Rally Fizzles
 Chinese Stimulus Rally Fizzles 
MARKETS
Nov 10, 2008 3:26 PM CST

Chinese Stimulus Rally Fizzles

Earnings reports quash session's early gains

(Newser) - An early rally in reaction to the Chinese government’s fiscal stimulus package couldn’t hold up and the markets ended today's session with losses. Poor quarterly earnings reports soured investor confidence, the Wall Street Journal reports. The Dow fell 73.27 to close at 8,871. The Nasdaq lost...

Short-Term Solutions to Crisis Won't Cut It: Sachs

Economist argues for systemic adjustment

(Newser) - The financial crisis can't be averted, and the Obama administration would be wise to accept that and concentrate on "a steady policy that will steer us through an unavoidable short-run recession to arrive at a much healthier economy within three to five years," writes Jeffrey Sachs for the...

Chinese Stimulus Lifts Dow
 Chinese Stimulus Lifts Dow 
MARKET Open
Nov 10, 2008 8:49 AM CST

Chinese Stimulus Lifts Dow

Index surges 150+ at open, following Asian lead

(Newser) - Stocks jumped out of the gate today, thanks to a $586 billion stimulus package from Beijing. The Dow was up nearly 200 just after opening, the Wall Street Journal reports, and the S&P and Nasdaq climbed 1.8% and 1.2%, respectively. The moves followed rallies overseas, including a...

World Stocks Jump on China Spending Spree

Asia, Europe advance after Beijing announces $6B stimulus package

(Newser) - China's announcement yesterday that it would spend nearly $600 billion to stimulate its economy gave a much-needed jolt to worldwide markets today. The Nikkei in Tokyo and Hang Seng in Tokyo both gained around 6%, while European exchanges also opened higher. China's spending spree also pushed up the price of...

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...

Crew Still 'Jailed' Year After SF Bay Spill

Chinese witnesses fight to return to families

(Newser) - Six crew members from the ship crash that caused San Francisco Bay’s largest oil spill in 20 years remain detained a year later, unable to return to families in China. Though they live rent-free in San Francisco, get $1,200 monthly plus their salaries, and are free to roam,...

Historic Talks Bring China, Taiwan Closer Than Ever

First high-level talks since 1949 yield trade agreements amid opposition protests

(Newser) - The first high-level talks between China and Taiwan in 60 years have set aside politics in favor of building trade ties, Reuters reports. Negotiations in Taipei sidestepped the sovereignty question and yielded 13 agreements to triple the number of cross-strait flights, allow direct cargo shipments, improve food safety, and normalize...

US Appeals Ruling to Free Chinese From Gitmo

US appeal of ruling strands 17, held since 2001 without charge

(Newser) - 17 Chinese prisoners held at Guantanamo Bay will stay there indefinitely pending an appeal of a judge’s decision that they be released, the Guardian reports. “They were on freedom's doorstep," their frustrated lawyer said. “The plane was at Gitmo.” Refugee and religious organizations in the...

China Offers to Restart Talks With Dalai Lama

Tibetan leader should 'treasure this opportunity': Beijing

(Newser) - China has offered a fresh round of negotiations with the Dalai Lama on Tibet’s political status, the BBC reports. The religious leader should “treasure this opportunity,” according to an announcement in Chinese state media, which added that Beijing was willing to overlook the violent Tibetan protests that...

Asia, Europe Want Financial Reform Now

Beijing steps up as leaders craft plans to manage economies

(Newser) - Asian and European world leaders joined forces today to call for stricter regulation of world financial markets and a shakeup of the monetary system, the Washington Post reports. The declarations marked the close of a 2-day summit in Beijing attended by more than 40 heads of state. Bailouts in the...

EU Honors Chinese Dissident, Enraging Beijing

Hu Jia is serving a prison sentence for 'subversion'

(Newser) - A move by the European Parliament to award a major human-rights prize to a Chinese dissident has Beijing outraged on the eve of a summit on the economic crisis, the Telegraph reports. The government denounced as “gross interference in China's domestic affairs” news that the jailed Hu Jia had...

Amid Crisis, China Faces Its Own Slowdown

Decline in exports poses huge challenge to Communist Party

(Newser) - For three decades now, China has established itself as a global economic powerhouse by providing cheap exports to the rest of the world. But as demand for Chinese goods slumps in a global recession, the ruling Communist Party, which owes its popularity to expanding prosperity, faces new tests: slowing growth,...

China Embraces Credit Cards
 China Embraces Credit Cards 
Oct 22, 2008 1:36 PM CDT

China Embraces Credit Cards

Untapped market prompts banks to aggressively market plastic

(Newser) - Banks are moving to tap China’s lucrative market for credit cards, issuing millions in new plastic in recent years, the Los Angeles Times reports. There are about 100 million credit cards today in China, up from 3 million in 2003. And the market is still tiny, by American standards:...

Earnings Push Stocks Lower
 Earnings Push Stocks Lower 
MARKETS
Oct 21, 2008 3:35 PM CDT

Earnings Push Stocks Lower

China's GDP slowdown spooks investors as well

(Newser) - Stocks fell today as a wave of poor earnings soured investor confidence across the board, though the continued drop in interbank lending rates kept losses in check, the Wall Street Journal reports. The Dow closed down 231.77 at 9,033.66. The Nasdaq fell 73.35 to 1,696....

China Blames Crisis in Latest GDP Slide

Growth at solid 9%, but down for 5th quarter in row as exports shrink

(Newser) - The dragon isn’t sick yet, but it’s definitely catching cold: China’s gross domestic product grew by an enviable 9% in the third quarter, but still failed to match last quarter’s result of 10.1%, the Guardian reports. The data mark the first time China’s GDP...

Melamine Kills 1,500 Chinese Dogs

Fears sparked about widespread tainting

(Newser) - About 1,500 Chinese raccoon dogs, bred specially for their fur, have died after eating tainted food over the last two months, the AP reports, raising fears of rampant misuse of the chemical melamine. The discovery comes as melamine-tainted milk has sickened thousands of babies with kidney stones and been...

China Cracks Down on Internet Cafes

Users must be photographed for national database of Web surfers

(Newser) - China has resumed a strict crackdown on Internet users less than two months after the Olympic Games, ending the more relaxed regulations that accompanied the international spotlight, reports the Times of London. All visitors to Internet cafes in Beijing will be required to have their photograph taken, reports the Times...

China's Great, Baffling Failure: Public Relations

Beijing completely misses 'crass value of cultivating the press'

(Newser) - It’s no secret that China is moving into position as a global superpower, writes James Fallows in the Atlantic, and this only further highlights its leaders’ baffling inability to understand how the country is viewed from the outside—and how to change those opinions for the better. Officials just...

US Attempts a Very Chinese Bailout
US Attempts
a Very Chinese Bailout
OPINION
Oct 16, 2008 1:49 PM CDT

US Attempts a Very Chinese Bailout

Beijing blazed this trail in '98, and dependence more important now

(Newser) - Wondering how the bailout will work out? Look no further than China, David Ignatius writes in the Washington Post. Beijing test-piloted exactly this kind of strategy, doling out $15.1 billion to buy up companies gashed by the 1998 Hong Kong market crash. Now, he writes, the Chinese need to...

China Orders Total Milk Recall
 China Orders Total Milk Recall 
Oct 14, 2008 1:00 PM CDT

China Orders Total Milk Recall

All products over a month old pulled from shelves

(Newser) - In an effort to reassure its milk-drinking public, China has issued a complete recall on any milk, powdered or liquid, made more than a month ago, the BBC reports. The products will return to shelves only after passing a quality test and receiving an approval sticker, according to the state...

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