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To: Ahda who wrote (4452)	12/19/1997 7:38:00 PM
From: goldsnow	Read Replies (2) \| Respond to of 116753

>>>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