Hao Hao ReportThe best China news and blog posts

In response to the financial crisis of 2008, the United States has responded by nationalizing industries and electing a president who promised to raise taxes on entrepreneurial efforts. China, the nominally Communist nation, has responded by cutting business taxes to stimulate growth. Remind me which nation supposedly supports capitalism and free enterprise?

Elliott from CNReviews discusssed his research in answering the question：“How is China affected by the global financial crisis?“ and his answer is “Instead of coming to the rescue of the global economy, China will suffer more deeply from the crisis than the US or Europe.” ...

From the NY TImes:
Flush with nearly a trillion dollars in hard currency reserves and eager for stable friends in Southeast Asia, China is making big loans for big projects to countries that used to be the sole preserve of the World Bank, the Asian Development Bank, the United States and Japan.

With the Singapore meeting of the World Bank on Sept. 19 and 20, China, one of the bank

Gordon Farquhar writes about the gamesmanship that occurred in the baseball match between China and the United States at the Beijing Olympics.

Talk everywhere is of crisis and panic emanating from the US financial centers. Yet in China, a different yet familiar kind of crisis is playing itself out.

ChinaRedux has a great post on the dangerous trade dance between China and the United States, following a move last Friday to put tariffs on glossy paper from China:

Economic conflict breeds military conflict. The stakes of trade override the ideological power of the Taiwan issue. China’s ability to continue growing at a rapid rate takes precedence, since there can be no sovereignty for China without economic growth. The United States’ role as the world’s superpower is dependent on its ability to lead economically.

Henry Cejudo of the United States has won the gold medal in the men’s freestyle wrestling 55kg class at the Beijing Olympic Games.
Cejudo defeated Japanese Matsunaga Tomohiro on points.
Besik Kudukhov of Russia and Radoslav Vel

You can buy it at the local newspaper or snack stand and use it to play games, download music, or even buy real-world items, but what is "Q币" (Qbi) really? The China Observer gives another fine introduction to the world of Chinese virtual currency.

After seven months of WTO discussions, Xinhua will relinquish its role as a regulator of foreign financial information suppliers. Foreign companies such as Reuters and Bloomberg will no longer have to compete against their regulator.