Space Industry and Business News  
Economic gloom dampens China's Lunar New Year celebrations

by Staff Writers
Beijing (AFP) Jan 25, 2009
Tens of millions of people across China prepared to usher in the Lunar New Year Sunday with fireworks and big family reunions, but the global economic crisis put a dampener on celebrations.

Railways and planes worked full tilt over the weekend as people made last minute dashes home to welcome the Year of the Ox, which begins on Monday.

A record 188 million people were expected to travel by train and another 24 million to fly over the 40 days before and after the New Year, in what is regarded as the biggest annual movement of people in the world.

And while bad weather failed to disrupt the transport network like it did last year in China, the global economic crisis put a dampener on celebrations.

In a New Year speech, China's Premier Wen Jiabao warned of challenges in the year ahead, the official People's Daily newspaper reported Sunday, as the global economic crisis continued to impact the country.

"Taking a broad view of the situation abroad and domestically, challenges and opportunities exist," the newspaper quoted Wen as saying, and he reiterated the importance of economic policies such as increasing domestic consumption.

In Beijing's Ditan Park, which like many across the nation opened up Sunday for a fair where people came to buy festive treats, there were signs the crisis had taken its toll.

A multitude of red lanterns hung over alleys as thousands of visitors enjoyed the first day of the fair, but for pinwheel seller Zhu Sibai, business was slow.

Zhu, who lives in the poor, eastern province of Anhui, had travelled up to Beijing to sell his wares during the week-long fair -- a trip he had taken annually for five years.

"Last year, on the first morning like this one, I sold 1,000-yuan (145 dollars) worth of pinwheels but this morning, I've only sold 10-yuan worth," Zhu said.

Zhu was not the only worker preparing to usher in the Lunar New Year with a sense of gloom.

Around six million migrant workers had already returned to their rural homes around the country after losing their jobs due to the financial crisis, Ma Jiantang, head of the National Bureau of Statistics, indicated on Thursday.

According to Ma, around a quarter of the nation's 120 million workers had gone home.

Of these, 20 percent -- around six million -- had done so because the plant where they worked had closed down or halted production.

The retail and hospitality sectors were also expected to suffer during the holiday, as consumers tried to save money due to concerns over the economy and the number of Chinese New Year bonus payments fell.

By Sunday evening, however, families were expected to push economic woes to the back of their minds as they sat down to eat meals of dumplings, fish and meat, let off fireworks, and give out red envelopes containing money.

In Beijing, 93 roads were to close for half an hour on Sunday evening to allow residents to let off firecrackers.

Related Links
The Economy



Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News


Obama's tough yuan stance unlikely to sway China
Shanghai (AFP) Jan 25, 2009
US President Barack Obama's administration has branded China a currency manipulator but America's tougher stand is unlikely to push the Asian giant to revalue the yuan, analysts said.







  • Google Slashes Costs Boosts Profits; Microsoft Fires And Yahoo Freezes
  • China wary about the power of netizens in 2009: analysts
  • Autodesk exec Carol Bartz to become Yahoo! CEO: WSJ
  • Experience High-Speed Data Communications With ThurayaIP

  • Japan Launches Satellite To Track Greenhouse Gases
  • Japan Resets H2A Launch To Jan 23
  • First ULA Delta IV Heavy NRO Mission Successfully Lifts Off From Cape Canaveral
  • New Skies NSS-9 Satellite Arrives In Kourou For February 12 Launch

  • New Turbines Can Cut Fuel Consumption For Business Jets
  • Air China expects to post 'significant loss' for 2008
  • Nations demand climate plan from air, maritime industries
  • Heathrow expansion to get green light despite protests: reports

  • TSAT Set To Speed Up Data Rates Across The Air Force
  • Increasing Joint Battlefield Operation Effectiveness
  • Australia Chips In A Spare Quarter For Boeing Wideband Global SATCOM Bird
  • Boeing Completes Critical Design Review For FAB-T Software-Defined Radio

  • Heating Up Gold To Surprising Effect: It Gets Harder Not Softer
  • Next Generation Cloaking Device Demonstrated
  • Raytheon Sensor Passes Space Simulation Test
  • Lockheed Martin Begins Key Test Of First SBIRS Geo Satellite With New Flight Software

  • Stevens New Director Of Communications And Public Outreach For Space Foundation
  • ATK Appoints Blake Larson To Lead Space Systems Group
  • Berndt Feuerbacher New President Of IAU
  • Orbital Appoints Frank Culbertson And Mark Pieczynski To Management

  • Advanced Polar Operational Environmental Satellite Ready For Launch
  • ABB Interferometer To Blast Into Space Aboard The IBUKI (GOSAT) Satellite
  • GeoEye-1 Earth Imaging Satellite Captures Inaugural Celebration From Space
  • First Global Hawk Unmanned System For Environmental Science Research

  • Garmins nuvi 885T Combines Most Popular Features
  • Cobra's 2009 Radar Detectors
  • NAVIGON Expands Pool Of Downloadable Content For Its GPS Navigators
  • GPS OCX Team Reviews GPS Control Segment

  • The content herein, unless otherwise known to be public domain, are Copyright Space.TV Corporation. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space.TV Corp on any Web page published or hosted by Space.TV Corp. Privacy Statement