Word: shenzhen
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...hawk Canton-made goods such as porcelain, silk and fireworks to the U.S., Li & Fung is the leader among middleman companies, fashioning the world into a smooth-running assembly line in which buttons produced in Sri Lanka and velvet milled in Italy are sewn into a vest at a Shenzhen factory and shipped on time to a store near you. Leading an army of 7,162 workers in nearly 40 countries, Li & Fung is the world's largest consumer-products sourcing company, last year managing the manufacture of more than $6 billion worth of toys, clothes, memorabilia and even auto...
...inflation have for fomenting social unrest, officials also warned businesses against gouging consumers; in August, authorities accused instant-noodle makers of illegally conspiring to raise prices. Meanwhile, to allay public anxiety about eroding paychecks, Beijing has been encouraging local governments to raise minimum wages, which cities including Beijing, Shanghai, Shenzhen, Guangzhou and Nanjing have done...
...North was emulating an obvious precedent: Shenzhen, the special economic zone where China first experimented with capitalism. In January 2006, Kim made a rare foreign visit, traveling by train (he reportedly abhors flying) to the booming southern Chinese city. Kim may see China as more than a path to prosperity. "To him it's an assuring message," says Mansourov. "Even if you open up economically, you can still maintain political control for his regime and his family...
...still largely a culture of savings. Retail sales grew about 12% last year to $800 billion, but studies show that households generally sock away a quarter of their total income, and spend almost the same proportion on food. It may be hard to believe after a day shopping in Shenzhen, but despite having the world's largest population, China accounts for less than 5% of global consumption...
...China. And, in 2006 the number of credit cards shot up 39%, and the total is expected to double again this year. Whereas banks barely break even now on such business, McKinsey estimates by 2013, China's consumer credit card profits could hit $1.6 billion. Indeed, at a Shenzhen Starbucks, I watched as a young woman paid for her caramel macchiato with a Beijing Olympics-branded Visa, one of what seemed to be several cards she had in her wallet. We were just down the block, but Luohu's bustling cash trade seemed a universe away...