China
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Gyegu town and monastery (2005). Photo: Andreas Gruschke / Wikipedia, 2005. Please click on this picture for more information.
An earthquake struck the town of Jiegu (结古, or Gyêgu) and surrounding regions late last night (GMT). The death toll of several hundred so far is likely to rise, and if it remains relatively low, it may be thanks to Qinghai province being a barren, remote province.
GDP growth, but few jobs - Xiao Gongzhu still spreading scientific knowledge (see "Related")
The Great Chinese Stimulus was for everyone, just not for everyone equally, according to Yasheng Huang (黄亚生) of the Massachusetts Institute of Technology (MIT), and Eswar Prasad of the Brookings Institution. There was a political pecking order from the banks to the state-owned enterprises (SOEs), and from the SOEs to capital-intensive, rather than labor-intensive, projects. As for job creation, the export industry will have to see to it, and an undervalued Yuan RMB is all Beijing may be ready to provide as a help for the industry at that task.
After all, that’s what the CCP invented the socialist market economy for, in 1978.
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Related
CCP Choices: Inflation bad, Contraction worse, March 20, 2010
Xiao Gongzhu spreads scientific knowledge in the Countryside, April 5, 2009
At the Crossroads: China’s Development, Febr 20, 2009
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