China Cuts Interest/Bank Rates as Global Gloom Deepens
Source: http://www.bizchina-update.com/content/view/1442/2/Posted on Thursday, October 9th, 2008 | In China
Contributed by: Biz China Update (http://www.bizchina-update.com) -
China’s central bank has cut both interest rates and the reserve-requirement ratio, as nerves start to jangle about the state of the economy faced by a deepening global financial crisis.
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As China continues to evolve into a global power, its economic structures are changing, new laws are being enacted and the government is seeking to re-channel the fruits of sustained growth from the eastern seaboard to the rest of this vast nation. Gateway cities, such as Beijing, Shanghai, Shenzhen and Guangzhou, now compete with cities across China for foreign and governmental investment.
Meanwhile, successful Chinese companies are raising billions of dollars from domestic and international IPOs, and the most ambitious are acquiring foreign companies from Santiago to Sydney and Stockholm to Saigon. The nation’s twin-barreled property and stock market frenzy has created 106 dollar billionaires, when in 2002 there were none.
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