In The News

Why China Should Not Revalue Its Currency

Linda Lim September 12, 2003
Many Americans are searching for someone to blame for their currently struggling economy. Higher unemployment, a drop in the value of the dollar, and low consumer confidence have made the booming 1990s a distant dream. Some US industries have reacted to the economic slowdown by accusing a top exporter, China, of purposefully undervaluing the yuan. Demands to decouple the yuan from the dollar...

Hong Kong Entrepreneurial Spirit Shines On

Pana Janviroj September 10, 2003
Hong Kong's economy is not simply recovering in the wake of Sars, but remains vibrant and growing. By withdrawing the anti-subversion bill that motivated massive protests earlier this summer, the government seems to be prioritizing the revitalization of Hong Kong's economy. Many countries in Asia had closely watched the anti-subversion bill, because its handling had the potential to...

The Myth of Localism

George Monbiot September 9, 2003
Some delegates at the world trade talks claim to defend the interests of the poor but actually promote policies that are detrimental to developing countries, says British environmentalist and author George Monbiot in The Guardian. A proposal of particular danger, Monbiot argues, is localization, which advocates that everything that can be produced locally should be produced locally. Proponents...

Protests Greet Yet Another WTO Meeting

Pranab Bardhan September 8, 2003
As the World Trade Organization prepares to meet in Cancun, Mexico, backers and detractors of globalization are clashing again, with each side claiming to represent the interests of the world's poor. Those opposed to globalization in its current form point to an increase in inequality and poverty in countries that have opened up to international capital and corporations, while supporters...

China Girds for Wider Influence in Asia

Frank Ching September 6, 2003
Last month's meeting of the Shanghai Cooperation Organization demonstrated China's growing influence across Asia. Following 9/11, this six-nation group, which also includes Russia and many Central Asian countries, agreed to establish a regional antiterrorism center in Uzbekistan. The reason for this move may have been strategic. Ever since the country agreed to host US troops engaged...

Crumbling Stability

Anke Bryson September 5, 2003
In 2003 Germany will violate the Maastricht "Stability and Growth Pact" for the third consecutive year, but this time the government isn't even sending an apology. Originally championed by Germany itself to check fiscal irresponsibility of smaller members, the pact stipulates that budget deficits may not exceed 3% per year in any of the Euro-Area countries. Now, however, the...

Economic Worries in China as Companies Pile Up Debt

Keith Bradsher September 4, 2003
The Chinese economy's 8% annual growth rate has made it one of the most impressive development stories of the past decade, but its dynamism may be getting out of control. Economic analysts from J.P. Morgan to Goldman Sachs, from US government officials to even China's Central Bank leadership are concerned about overcapacity and bad bank loans. Chinese banks are notoriously unconcerned...