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Rising Above the Global Economic Crisis

What started as a meltdown in the U.S. subprime mortgage market has evolved into an economic crisis affecting every corner of the planet. How is the world responding? For its year-end issue, Caijing dispatched reporters to 16 areas worldwide and pieced together a picture of how the turmoil is affecting people and what they’re doing to cope.

In China, the government is implementing a 4 trillion yuan stimulus package. But will this economic emergency measure enhance or replace the nation’s reform effort? Caijing believes that China’s traditional remedies for a shaky economy -- spurring exports and investment – have lost much of their effect. Now, China should shore up domestic consumption and push forward a “strategic adjustment” to shift its growth model from export-driven to one relying on domestic demand.

News

	Special Analysis： An Asian view of the Global Financial Crisis Future historians will compare the 2008 Great Global Credit Crisis with the 1930s Great Depression, which set in motion the Second World War and changed the financial landscape for nearly 80 years. Weathering the Storm As major economies totter in the financial crisis, emerging market countries are trying to shake off the dust.

	U.S.A. Mutual Aid of Mutual Destruction

	Europe U.K. : Recapitalize, Don't Nationalize Banks European and American banks have received capital from their governments , making them large shareholders. Economist Richard Portes argues against long-term nationalization. Eastern Edge Their economies' new openness set them up for a fall, but the stars of the former Soviet bloc will rise again.

	Asia Japan: Sinking Sun The specter of deflation returns as Japan heads into recession, but this time the policymakers are ready. Singapore: Farewell to the Golden Years As first Asian economy, Singapore fell into deep recession. However, its authorities display full confidence in 'natural healing' of the economy, avoiding additional measures. India: India Inc. Fights Back after Mumbai Attack Terrorists who bombed Mumbai hotels in November were aiming at India's economy as well. They missed the latter.

	Latin American/Africa Chile: Surviving the Storm in Chile Chile has benefited from high copper prices, but its export-driven growth model is outdated. Can the Chilean government help the economy survive? Africa: Life after the Boom With soaring commodity prices, Africa was starting to flourish before economic problems emerged

	China Surviving the Tsunami Opinion: The international financial crisis offers China a valuable opportunity for economic reform. Hong Kong: Backed by the Mainland Financial services benefited Hong Kong, but now it's time for a change. Taiwan Stumbles Taiwan's economy needs urgent reforms to rescue its middle class and medium sized businesses.

Europe
　　　　　China　　　　USA
　　　Asia

　 Africa
　　　　　Latin America

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