Top officials are now considering a bailout plan worth RMB800 billion ($116 billion USD) to buy up top Chinese stocks if the Shanghai index falls below 1,500 points. The index closed at 1,859 points yesterday, but has been falling steadily since the beginning of 2008. Diligence China gives us a look at what the country’s economy could look like in 18 months.
Following yesterday’s announcement that Beijing will get a boatload of new money to develop its traffic infrastructure, Chinese officials unveiled a new plan to spend RMB5 trillion over the next two years on new roads, rail and airports. Nearly half this money (RMB2.37 trillion) will be spent in Guangdong province.
Will democracy work in China? Students at the Sun Yat-Sen University in Guangdong give it a try in their student president elections. Ironically, three of the four candidates are Communist Party members.
A 5.4 magnitude aftershock hits Qinghai two days after the initial quake. No casualties reported.
One city’s solution to their supply of tainted milk? Turn it all into bricks.