economy

December 31, 2013

2014 has already arrived in the People's Republic of China and, while the occasion is celebrated far less there than here in the United States, China's 1.3 billion people will enjoy a public holiday on January 1st. Following a busy, intriguing 2013, the break is welcome: The first year of Xi Jinping's stewardship was an eventful one in the country, and as 2014 begins China faces a number of issues that, in the aggregate, pose a threat to the country's stability.

Tens of thousands of antigovernment demonstrators marched through Phnom Penh on Sunday in one of the biggest acts of defiance against the nearly three decades of rule by Cambodia’s authoritarian prime minister, Hun Sen. The procession, which was peaceful and stretched for several miles through a commercial district of Phnom Penh, the capital, brought together protesters with a diverse list of grievances: Buddhist monks, garment workers, farmers and supporters of the main opposition party.

The abandoned Packard Plant in Detroit is one of the most famous buildings to be sold after the city filed for bankruptcy. It’s famous both for its mammoth size — 40 acres in the eastern part of the city — and its state of ruin. The plant has been closed for more than 60 years and aerial photos make it look like a scene from a disaster film. But that doesn't seem to daunt Spanish developer Fernando Palazuelo, who lives in Lima, Peru. He recently bought the Detroit plant at an auction.

China's leaders bowed three times before a statue of Mao Zedong on the 120th anniversary of his birth Thursday in carefully controlled celebrations that also sought to uphold the market-style reforms he would have opposed. The approach underscores the delicate balancing act the Communist Party leadership — installed last year — has to perform in managing perceptions of Mao's legacy.

As an aide to the prime minister of Bhutan, Takao Takahashi helped deepen people’s understanding of the need to manage their money in the rapidly growing South Asian country valuing “gross national happiness.” The 31-year-old, who now works for the World Bank in Washington, said that although Bhutan’s consumption is surging amid rapid economic growth, its people have little knowledge about how to manage their money.

The Third Plenary Session of the 18th Central Committee of the Chinese Communist Party (CCP) closed mid-November, but it still keeps China-watchers awake. Foreign analysts were rather underwhelmed by the immediate outcomes: a bland, boilerplate communique issued on November 12.

Right after I graduated from college this past May, I went on a bit of an odyssey. I took a trip to Afghanistan. After being away for three years, I returned to the western part of the country where my family resides. I was struck by how much things had changed for the worse in just three years. Three years ago, there was a lot of employment, a lot of optimism for the future, and an overall hope for a better life. However, this time, complete hopelessness, lawlessness, and uncertainty dominated the atmosphere.

In Cuba, a ban on imported vehicles has kept the roads full of classic American cars. But those famously vintage-looking streets could get a modern makeover next year. Today, the Cuban government announced it will lift restrictions on imported cars for the first time in 50 years. The country, which has no car factories of its own, will soon open its borders to imported automobiles, vans, trucks, and motorcycles.

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