ISG 1220 Shanghai Surprise

[IVY]

Dear all

Pls read the article and write down your summary or essay

http://www.newsweek.com/id/223520

b,regards
ivy

[jacksonwang]

China’s economic booming is irresistible over the world. Shanghai is one of the biggest cities along the coast line and developed at high speed and earlier then other city. Significantly, it can represent prosperous China. Thanks to government has a concrete plan to build Shanghai a international metropolis and transportation hub, Shanghai government launched a series of new strategies to attract foreign investments. There are many foreign company settle their office or subsidiary in Shanghai. Some famous brand company they even urge to occupy a good position without considering the rent price to open a shopping store and show their nameplate to international. One report says that the urban area of Shanghai now has 6,000 high-rise buildings which three times the number in New York.

It’s really difficult to see American President so humble while President Obama visited Shanghai this time. We deeply realize that China is not as weak as before. American urges China to buy their national debt and ask their currency value raising, that means American would like to get more benefits from the difference of currency value while China economic is booming.

Jackson~

[Kooper]

China’s Rising Domestic Markets

Besides exporting cheap products to everyplace in the world, another pillar of China’s economy has formed over the past few years: domestic consuming markets. Thanks to rising domestic markets, China kept growing at a good clip while the rest major economic bodies were hit hard by the global financial crisis in 2008. Take Shanghai as an example, it grew at a 12% rate per year from 1993 to 2008, leading to the creation of a new and affluent middle class. Though the elders still save as high as one-third of their income, the younger generation have started to live an America-like lifestyle - they spend rather than save and expand credit by using credit cards. Sensing the changes, foreign companies that initially came for cheap labors now open stores to service local consumers. A recent survey showed that 90% of the members of American Chamber of Commerce in Shanghai were optimistic about next five years

[Kooper]

If sth happens in the wake of sth else, it happens afterwards and often because of it.

downmarket goods/services are cheap and not of very good quality

take shape: to develop into a clear and definite form
Ex: Some new diversity strategies take shape.
Ex: A steady recovery begins to take shape.
Ex: First family's vacation plans take shape.

Sth that fuels a feeling / a type of behavior increases or strengthens it.

receptive: willing to consider new ideas or listen to someone else's opinions
Ex: a market that is receptive to American goods and brands

[Sherry Liao]

While most of the economists around the world were drawing a doom-and-gloom picture of economic future, China, with a 20 percent decline in export due to the global economic downturn, got an 8 percent economic growth this year. One of the main reasons for this extraordinary achievement was China's strong spending power in domestic markets.

Shanghai, the economic center of China, is a best exemplification for this phenomenon. The economic development in recent years has made the middle class in Shanghai grow explosively, and the younger generation are less concerned about over-consuming and over-borrowing, both of which contribute to a growing consumer society. American companies in China have been aware of this phenomenon and reaped the benefits, as American brands have been taken in China as premium ones and got buoyant sales. It was unexpected in the first place, for most of these companies first went to China to start their business just for the purpose of making use of the cheap labor there.

The exponential economic growth of China is almost inevitable. From America's perspective, it is unwise to try to restrain China's success, but to know which way the wind blows and prepare a more flexible economic policy for it.

[Sherry Liao]

I modified it a little bit:

China’s economic booming is irresistible over the world. Shanghai is one of the biggest cities along the coast line and developed at high speed and earlier then other city.

any other city or all the other cities

Thanks to government has a concrete plan to build Shanghai a international metropolis and transportation hub, Shanghai government launched a series of new strategies to attract foreign investments.

Thanks to the government for having a concrete plan

[Sherry Liao]

Thanks to government has a concrete plan to build Shanghai a international metropolis and transportation hub, Shanghai government launched a series of new strategies to attract foreign investments.

My question is: Is "thanks to" a conjunction?

[Kooper]

Thanks to government has a concrete plan to build Shanghai a international metropolis and transportation hub, Shanghai government launched a series of new strategies to attract foreign investments.

My question is: Is "thanks to" a conjunction?

I don't think so.

[Kooper]

I modified it a little bit:

China’s economic booming is irresistible over the world. Shanghai is one of the biggest cities along the coast line and developed at high speed and earlier then other city.

any other city or all the other cities

China's economic boom is irresistible around the world. Shanghai is one of the biggest cities along the coastline and is developing at high speed.

[Kooper]

While most of the economists around the world were drawing a doom-and-gloom picture of economic future, China, with a 20 percent decline in export due to the global economic downturn, got an 8 percent economic growth this year. One of the main reasons for this extraordinary achievement was China's strong spending power in domestic markets.

Shanghai, the economic center of China, is a best exemplification for this phenomenon. The economic development in recent years has made the middle class in Shanghai grow explosively, and the younger generation are less concerned about over-consuming and over-borrowing, both of which contribute to a growing consumer society. American companies in China have been aware of this phenomenon and reaped the benefits, as American brands have been taken in China as premium ones and got buoyant sales. It was unexpected in the first place, for most of these companies first went to China to start their business just for the purpose of making use of the cheap labor there.

The exponential economic growth of China is almost inevitable. From America's perspective, it is unwise to try to restrain China's success, but to know which way the wind blows and prepare a more flexible economic policy for it.

It's a well-written summary. I especially like these sentences:

... but to know which way the wind blows and prepare a more flexible economic policy for it
... , both of which contribute to a growing consumer society.
While most of the economists around the world were drawing a doom-and-gloom picture of economic future, China, with a 20 percent decline in export due to the global economic downturn, got an 8 percent economic growth this year.

gloom and doom / doom and gloom: a deeply pessimistic outlook or feeling
to see which way the wind blows/is blowing: to find out what the situation is or what other people are thinking or doing and what is likely to happen before you do sth or make a decision
to reap the benefit: to get the benefit that is the reslult of your own actions

[Sherry Liao]

Though the elders still save as high as one-third of their income, the younger generation have started to live an America-like lifestyle - they spend rather than save and expand credit by using credit cards.

Is "generation" plural or singular? The dictionaries I looked up show examples of both.

[IVY]

When it comes to the future of global economy, there are two opposite reactions after the world was being hit by the financial tsunami. People who hold pessimistic opinions think the circumstance could be harder compared to the past prosperity.
However, optimistic side believes the current situation could turn out to be better because of the growing power of China’s domestic market. By observing below phenomenon, the author points out Shanghai can represent the whole China’s future economy.
1.More and more Chinese get richer. The most obvious evidence is that you can see more Porches on the road within past few years.
2.The rise of local demand boosts Shanghai’s economic growth rate up to 12& between 1993 and 2008 even though the depression led to the fall of export figure.
3.Aiming at the forming of the middle class, many manufactures start to set up stores in China for selling products to local citizens.
4.Unlike many US banks limit the credit line, for example, Bank of Communication is beginning to promote credit cards and encourage Chinese to consume more, especially for the generation born after 1980.
US president expressed publicly because they look good on the potential force of China’s consuming pattern which helps US not only recover from the stunning deficit but also gain high publicity of their products and brands.

[janet12tw]

Shanghai's economy is booming now according to Daniel Gross, even though the other parts of the world are still in recession. And it is expected to become even more prosperous in the next five years. The reason is instead of using the cheap labour in China to produce the products for the American consumers, now many companies are focusing on the China's domestic market. President Obama is also paying a visit to China to take advantage of the growing market of China with a wide acceptance of American's brands and products such as Rolls-Royce,Toys "R" Us and Mary Kay, etc.