marketing in fashion

China , an Engine of Growth , Faces a Global Slump

Yardley , J Bradsher , K (2008 . China , an Engine of Growth , Faces a Global Slump . New York Times , October 23 ,

. A6

In the article Yardley and Bradsher discuss China 's ' economic and financial slump caused by the global financial crisis . For three decades China has been one of the most powerful and promising countries in the world . The country has managed to booster its economic development due to flood of low-priced exports . However , global crisis negatively affects the country that faces the possibility

of global recession . The question is whether the ruling Communist Party is able to prevent global financial crisis and to support China 's economic miracle . Economists and analysts say that China 's economic development plays crucial role for economies of the United States and European countries as they face serious downturns . theless , Chinese economic model is to be recalibrated , domestic investments are be stricken with government spending , and policies aimed at increasing consumer demand are to be promoted . China is in need of better health care network , improvements in social safety network , and lower fees for education establishments Chinese government claims that global crisis insulates country 's financial system and , thus , leaders argue country 's banks would remain domestically concentrated . The overall economic growth has decreased unemployment rates have increased and many factories have closed export region . China is recommended to use its foreign reserves for purchasing stocks in European as it gives China an excellent opportunity to...