Dramatic Economic Changes for China – Kathleen E. McLaughlin

1217pirate.jpgFrom San Francisco Chronicle:

membership boosts trade, eases some restrictions, but some say more is needed

The land of the bicycling commuter is now the world’s second-largest auto market. Chinese citizens, long forced to choose between storing savings at home or in a troubled state-owned bank, can open accounts at Citibank or one of a growing number of competitors.

No longer does owning a television or washing machine signal personal financial success. Instead, think diamonds, designer clothes or a Porsche SUV. Those items, not so long ago reserved for the ultrarich, are today within reach of an ever-growing middle class.[Full Text]

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