Mainland China
See also: Chinese property bubbleIn China, the International Monetary Fund predicts GDP growth for 2008 will be 9.7% and drop to 8.5% in 2009. A struggle was underway to see who would swallow the losses on US Agencies and Treasuries. On November 9, 2008 China announced a package of capital spending plus income and consumption support measures. Four trillion yuan ($586 billion) will be spent on upgrading infrastructure, particularly roads, railways, airports and the power grid; on raising rural incomes via land reform; and on social welfare projects such as affordable housing and environmental protection. So far at least 670,000 small and medium-size enterprises have been closed; leaving mainly the large-size enterprises (which may or may not contain companies who have outsourced their workplaces away from the United States - leaving at least five million people there unemployed).
Read more about this topic: Late-2000s Recession In Asia, East Asia
Famous quotes containing the word china:
“Consider the China pride and stagnant self-complacency of mankind. This generation inclines a little to congratulate itself on being the last of an illustrious line; and in Boston and London and Paris and Rome, thinking of its long descent, it speaks of its progress in art and science and literature with satisfaction.... It is the good Adam contemplating his own virtue.”
—Henry David Thoreau (1817–1862)