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To: GST who wrote (151374)	1/6/2003 10:19:27 PM
From: Victor Lazlo	Read Replies (1) \| Respond to of 164684

<<And please recall, I did not say 40 million people are about to buy a BMW, I said that according to BMWs own studies, 40 million Chinese could afford to buy one if they wanted to do so. >> IOW, the bmw guy thinks 40 million Chinese could get credit approval to leverage themselves to the hilt to get one.

To: GST who wrote (151374)	1/6/2003 10:37:21 PM
From: Victor Lazlo	Read Replies (3) \| Respond to of 164684

AP Finance News Analyst: China Facing Economic Crisis 01/06/2003 15:14:10 EST China is heading toward an economic crisis like the one faced by Southeast Asian nations in the late 1990s because the level of investment there threatens to create a vast surplus capacity, a prominent economist warned on Monday. "China is at a potential crisis point. The recipient of the most exuberant capital flows is the next candidate for crisis," said Presenjit K. Basu, Singapore-based chief economist at Credit Suisse First Boston Corp., a U.S.-based investment brokerage. Speaking to nearly 1,000 business leaders from 23 countries at an economic summit here, Basu said investment in China was growing at 15-20 percent a year, creating a huge surplus capacity that threatens to flood the market and drive down prices. "The over investment by China has reached a level where it cannot be sustained by any economy," said Basu. In particular, he said China has added to the worldwide glut of manufacturing capacity for high-end semiconductors. The 1997-98 Asian financial crisis was caused by companies expanding recklessly on borrowed money. When demand fell, companies unable to repay their loans were forced into bankruptcy or drastic restructuring, devastating economies throughout the region.

To: GST who wrote (151374)	1/6/2003 10:59:37 PM
From: Slumdog	Read Replies (1) \| Respond to of 164684

Maybe he meant the motorcycles!!

To: GST who wrote (151374)	1/6/2003 11:08:28 PM
From: Patricia Trinchero	Read Replies (1) \| Respond to of 164684

A few years ago I worked with a gal that had been raised and educated in China...............she was an MD there. HEr father was a professor at one of the Universities and they had a small apartment and owned bicycles for transportation. There are so many people and so little space in the cities so the lifestyle is different from ours. I suppose they will spend their money on things other than fancy houses and Mercedes Benz's. THe recent changes in the country have probably caused much change. My friend lived there under the hard line Communists and fled under threat of death. It seems like the country has come a long way since those days. ( China I mean ). Pat