BEIJING: New Economy euphoria is gripping China. Cell phones seem as ubiquitous in Shanghai as in Helsinki, with dot com firms as common as in San Francisco. Although the term “irrational exuberance,” once applied by America’s central banker Alan Greenspan to the US stock market, does not apply here, the rush into New Economy investments, with even the prospect of a Chinese NASDAQ in the offing, has rejuvenated China’s economy. As China embraces the new, however, its old industries are coming under enormous pressure.
BEIJING: New Economy euphoria is gripping China. Cell phones seem as ubiquitous in Shanghai as in Helsinki, with dot com firms as common as in San Francisco. Although the term “irrational exuberance,” once applied by America’s central banker Alan Greenspan to the US stock market, does not apply here, the rush into New Economy investments, with even the prospect of a Chinese NASDAQ in the offing, has rejuvenated China’s economy. As China embraces the new, however, its old industries are coming under enormous pressure.