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China's Public Enemy No. 1: How Beijing is Battling the Global Crisis - SPIEGEL ONLINE - News - International

The West is pinning its hopes on China to revive the global economy. Beijing is orchestrating its efforts to combat the crisis as meticulously as it once planned the country's spectacular economic ascent.

Everything is colored a bright red, from the tent roofs protecting throngs of shoppers from the elements to the banners encouraging them to buy. Wang Shiqin, a 62-year-old farmer, hurried to the market in the early morning hours. Like most shoppers here, he already owns a television set, but now he wants to buy his first refrigerator -- subsidized by the Chinese government.

 The mood is a mixture of carnival and rally at the market in Feidong, a city in rural Anhui Province about a three-hour train ride northwest of Shanghai. The vendors are loudly pitching household appliances, especially domestic brands, which benefit from this government campaign to fight the global financial crisis.

The Chinese are among the world's most diligent savers, hording almost five times as much of their disposable income in their bank accounts as the Germans do. But now the Communist Party wants to promote collective consumption.

by Fran on Fri May 22nd, 2009 at 01:59:57 PM EST
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