Tuesday, Jan 29, 2008
Premier Wen Jiabao warned that 2008 would be
AUSTRALIAN: Economic shock hits China
HE rampant Chinese economy that Kevin Rudd and Wayne Swan are confident will help insulate Australia from the worst of the global financial meltdown is starting to falter, with Chinese leaders warning of a "most difficult" year ahead.
As US President George W. Bush used his last State of the Union address to urge bipartisan support for measures to stop the world's biggest economy slipping into recession, China blamed an uncertain outlook on the financial turmoil emanating from the stressed US housing market.
Severe winter storms - - are exacerbating shortages and fuelling inflation, with blackouts in half the country. The weather is contributing to economic concerns in China, where shares on Monday suffered their fourth biggest fall in 10 years
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