Lower GDP Growth, China’s Rich See Their Wealth Fall 1/3
Source: http://www.bizchina-update.com/content/view/1433/2/Posted on Tuesday, October 7th, 2008 | In China
Contributed by: Biz China Update (http://www.bizchina-update.com) -
UBS Downgrades China GDP Growth
UBS Securities has downgraded its projections for China’s economy, to 9.6 per cent for 2008 and 8 per cent for 2009. Earlier forecasts by the Swiss bank projected China’s GDP to grow by 10 per cent in 2008, and 8.8 per cent in 2009. Even…
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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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