UBS Downgrades China GDP Growth
UBS Securities has downgraded its projections for China's economy, to 9.6 per cent for 2008 and 8 per cent for 2009. Earlier forecasts by the Swiss bank projected China's GDP to grow by 10 per cent in 2008, and 8.8 per cent in 2009. "Even amid global recession, we expect China's real GDP growth to stay above 8 per cent, achieving a soft landing," Forbes quotes a UBS report. Inflation is predicted to drop to 4 per cent by December, and remain stable around 2.6 per cent in 2009.
China's Rich See Their Wealth Fall 1/3
The global financial crisis has led to a decrease in the wealth of
China's richest people, data compiled by the Shanghai-based Hurun
Report shows. Average wealth fell by one-third from its level in 2007,
with the 50 richest people on Hurun's 2008 China Rich List sharing
USD2.43 bn of personal wealth on average, down from USD3.61 bn in 2007.
Gome's Chairman Huang Guangyu was named as the richest person this year, with total assets of USD6.3 bn.
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