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Gold/Mining/Energy : Gold Price Monitor
GDXJ 89.99+2.8%Nov 5 4:00 PM EST
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To: Ahda who wrote (4452)12/19/1997 7:38:00 PM
From: goldsnow  Read Replies (2) of 116752
 
>>>Rethinking China>>>

BUBBLING UNEASE

But an outward air of breezy self-confidence masks deep unease within
China. The coming year will be a crucial test for Beijing.

Rapid foreign investment is slowing, as is investment by domestic
industry. Consumers are buying less. The result, warn some Chinese
economists, could be reduced growth just as China needs fast expansion
to create new jobs.

To avoid the Asian financial ''flu,'' China needs to rid its banks of
the burden of propping up chronically inefficient state industry. But as
it propels 375,000 state enterprises towards the market, China risks
huge unemployment, and a social backlash.

Already, vast stretches of the industrial northeast -- formerly
Manchuria -- are an industrial wasteland.

Laid-off factory workers are becoming street peddlers. Soon they may
turn against the Communist Party that ''smashed the iron rice bowl''
before it strung up a welfare net to catch the pieces.

Copyright 1997 Reuters Limited. All rights reserved. Republication and
redistribution of Reuters content is expressly prohibited without the
prior written consent of Reuters. Reuters shall not be liable for any
errors or delays in the content, or for any actions taken in reliance
thereon.

infoseek.com
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