The Economist runs a piece about domestic consumption in Asia.
The Asian countries happen to save more than shop, while they are supposed to shop more than save to keep the (global economy) engine humming. And the (car) engines in China are humming all right, at the rate of 47% growth in automobile sales (traffic jam?!?).
I noticed the irony of Tata acquiring Jaguar, and now China heavy industrial company tries to acquire Hummer.
Tata among other things is known for producing cars under $5,000 (volume business). Now they added Jaguar, a luxurious brand into their product line. This is the equivalence of Yugo acquiring Lexus or Pinto adding BMW.
Talking about odd coupling.
In the midst of hard times, at least the House had enough sense to pass on climate legislation.
Tough decision overall: pushing for more consumption in Asia (which implies more manufacturing in the region, both for export and domestic consumption, which inevitably produce dirty air) yet advocating tougher clean-air act.
No wonder factories from China started to move South to Vietnam, and dumped more industrial waste into its streams and waters. China + 1 my …. The small guy always gets the shorter end of the stick.
I tried to tell my 6-year old about “you can’t have a cake and eat it too” concept. Maybe I should tell Asians in Asia that too. About consumption and saving, about manufacturing and environment, and about urbanization and infrastructure. Except that I need to say, “you can’t have your noodle and eat it too”. That way they can pick it up faster. “Attention Wal-mart shoppers: blue-light special, every day.” Save more, live better!
Thang Nguyen 555 