Word: premiere
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...latest budget report from the Ministry of Finance, released to coincide with the opening of the National People's Congress in Beijing on March 5, draws attention to debt levels being incurred by local governments forging headlong into massive infrastructural and development projects. Even as it was being distributed, Premier Wen Jiabao was telling NPC delegates that the authorities would slow both lending and new construction in 2010, and place additional curbs on speculative property investment. A mortgage discount for first-time property buyers - which made a fixed, 5% 20-year mortgage available for just above 4% - has already been...
...spots in the subprime market, overall, business is good. The percentage of auto loans going to people with poor credit, for example, has been increasing. And while a number of banks have stopped offering credit cards to the debt-challenged, there are still companies handing out subprime plastic. First Premier Bank, for one, just tweaked the fees on its credit cards aimed at individuals with low credit scores to comply with recent legislation, and its business proceeds apace...
...Credit cards, too, are still available for customers with credit scores in the 600s and below. First Premier Bank used to charge customers with poor credit as much as $250 in fees to open a credit card that had a $300 limit. But following the recent passage of new rules for card issuers, which among other things caps the annual fees companies can charge to 25% of the credit limit, Premier has retooled its offering. It now charges a $45 processing fee before customers open a card. It then charges a separate $75 annual fee, which is exactly...
...economic growth. Not only are there more Chinese with money to spend, the still fragile state of the global economy makes self-reliance an imperative. "As we stand at a new historical juncture, we must change the old way of inefficient growth and transform the current development model," Vice Premier Li Keqiang, the likely successor to Premier Wen Jiabao, declared at Davos in January...
...slowdown was partly attributed the difficult economic climate. While China was able to grow at 8.7% last year, that healthy rate came at the expense of $586 billion in stimulus spending. Last week Premier Wen Jiabao said that government spending would grow more slowly this year as Beijing seeks to control inflation while maintaining stable growth. (See pictures of the making of modern China...