Tuesday, September 7, 2004

"China’s economy is expanding at a blistering pace.

"After two decades of rapid growth, China’s economy is having a global impact in all kinds of surprising ways. Its voracious appetite for raw materials has driven up prices worldwide and created shortages. China consumes 55 percent of the world’s cement, 40 percent of its steel and 25 percent of its aluminum.

"China’s growing demand for oil is one reason crude prices are so high.

"China is now the world’s sixth-largest economy, comparable in size to France or Italy. But unlike France and Italy, it’s growing rapidly, giving it disproportionate influence."

Arnold Schwarzenegger: "The U.S. economy remains the envy of the world. We have the highest economic growth of any of the world's major industrialized nations. Don't you remember the pessimism of 20 years ago when the critics said Japan and Germany were overtaking the U.S.? Ridiculous!

"Now they say India and China are overtaking us. Don't you believe it! We may hit a few bumps—but America always moves ahead! That's what Americans do!"

Word of oversupply from OPEC punctures oil prices: "Oil prices fell today as OPEC's president said supplies were growing faster than demand and traders breathed easier knowing that petroleum production in the Gulf of Mexico did not suffer as a result of Hurricane Frances."

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