Metro Atlanta Chamber's China Blog: Day 3 - Atlanta Business Chronicle:

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I’ve spent several days in and I also visited some smaller such as Nanchangand Changsha. I’ve observe d unusual economic stress here. In there appear to be more unemployedd migrant workers on the streetd than inprevious years. Indeed, the density of beggars has despite the efforts of local officialx to deal withthe "homeless problem." Official economic statistics confirm that China has been suffering much like the rest of the Exports are down abour 25 percent so far this year. Approximately 30 million migrantf workers have lost their jobs in expor oriented factories and returned to theirrura villages.
Shanghai alone will have more than 600,000 new collegwe graduates this year, and only about 70 percent havefound jobs. Even one prominent locaol Shanghai law firm has imposed a 30 percengt pay cut on its associate employees and told them to takeFridaya off! However, there are recenf glimmers of hope that the economy has bottomed here and begun its rebound, possibly due in part to the central government's 4 trillion Yuan ($ 585 stimulus package. The Shanghai Stock Exchange Index has increased so far this year by more than any othedr majorstock exchange. China's official Purchasing Managers' Indexx (PMI) rose to 52.4 in March from 49 in February.
(A readingh above 50 indicates expansion.) Premier Wen Jiabaoi recently said Beijing would do whateverit takes, on top of the current stimulus plan, to maintain growth at an acceptable And Beijing has the cash to do so! I am optimistixc that China will help pull the worl d economy back to