Word: kong
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...economists and investors have turned mildly bullish on the Chinese economy. A February survey conducted by Merrill Lynch saw the number of fund managers who believed China's growth would be lower in the next 12 months shrink drastically. Jing Ulrich, chairman of China securities at JPMorgan in Hong Kong, noted after client meetings that "attitudes toward China's efforts to counter the economic slump seem to have turned more positive." The happy mood also showed up in Chinese stocks. By mid-February, the Shanghai stock market had surged more than 30% since the beginning of the year, making...
...everyone is so convinced. The current improvement in data "is not big enough to warrant optimism" that a recovery is around the corner, says Eric Fishwick, head of economic research at brokerage CLSA in Hong Kong, who has maintained his 5.5% growth estimate for 2009. Jun Ma, an economist at Deutsche Bank, argues that China will experience a "double-dip" or "W-shaped" recovery. While the economy may show signs of life in the near term, he believes the current upturn will fizzle and the economy won't hit a final bottom until the first half...
...Once booming businesses are resorting to desperate discounting to try to keep customers coming. In Hong Kong, 1,000 restaurants have joined together to offer dishes such as dim sum and roast pigeon for one Hong Kong dollar (about 13 cents). In Taipei, Taiwan's capital, fast-food chain KFC held a press conference last month to announce 50% discounts on every second meal ordered, only to have McDonald's employees interrupt by parading with signs promoting $2 lunch specials...
...tigers really want to thrive in the future, the answer might lie in rejecting another legacy of Park Chung Hee: the idea that governments alone can successfully engineer high economic performance. Jim Walker, an economist at independent research firm Asianomics in Hong Kong, argues that politicians still intervene too much in their economies instead of allowing market forces to work. "What governments need to do is start trusting their own people rather than hoping the West is going to get it right all of the time," Walker says. For the tigers to keep roaring, they may need to find their...
...billion annually and accounts for nearly 150,000 jobs--or 12% of the city's employment. Paris is most frequently credited as the world's tourism capital, with nearly 35 million visitors in 2008 (compared with more than 15 million for No. 2 London, and 12 million for Hong Kong). Unlike many capitals, though, Paris has a unique balance of vacationers and business travelers. The latter have helped Paris maintain its lead over Singapore as the largest convention venue on earth...