Former US Federal Reserve chairman Alan Greenspan has admitted he was “partly” wrong to resist regulation of some securities and said he is “shocked” at the depth of the breakdown of the US credit market.
He also admitted he had worries in 2005 that the risks were being underestimated by some investors.
His admission comes as Asian stocks hit a four year low and European markets fell on Thursday for the third consecutive day.
Zhang Mingqing attacked in Taiwan
Zhang Mingqing, dean of Xiamen University’s Journalism School, was assaulted on Tuesday while touring a Confucian temple in South Taiwan.
Protestors heckled and pushed him to the ground. Aides led Zhang back into a car to safety.
The incident came just weeks before a planned visit to Taiwan by the mainland’s top envoy, Chen Yunlin, head of the Association for Relations Across the Taiwan Straits.
“But it will not hinder the cross-straits dialogue”, a senior Beijing official said Wednesday. Zhang cut short his visit, returning to Beijing for a medical checkup.
India goes to the moon
India launched its first unmanned mission to the moon on Wednesday with the Chandrayaan I.
The spacecraft is expected to reach lunar orbit and spend two years scanning the moon for any evidence of water and precious metals.
Only the United States, Russia, the European Space Agency and China have also sent missions to the moon.
Directing Legend Dies
Director Xie Jin, considered one of China’s top filmmakers, died last Saturday at the age of 85.
He was in Shangyu, Zhejiang Province to attend the 100th anniversary of the founding of his alma mater, Chunhui Middle School.
Xie directed 36 works over 44 years and wrote three films. Some of them include Woman Soccer Player No. 9, Hibiscus Town and Venus, about disabled children.
In-depth News
China stimulates housing market
Facing a slump in the housing sector, the Chinese central government has unveiled a number of measures to try and stimulate the market.
The measures, approved at a meeting of the State Council on the weekend, include reducing taxation on home buying, scrapping the property stamp tax, and cutting mortgage rates by as much as 30 percent.
Real estate investment is the second-largest contributor to China's urban fixed-asset investment, a major driver of the overall economy.
Policy-makers are concerned that a slump could further drag down the economy against the backdrop of the world financial crisis and subsequent economic slowdown.
50% of toy firms could disappear
As many as half of all toy makers in south China could go out of business within the next two years, an industry expert said on Monday.
His prediction followed the closure of the Smart Union toy factory in Dongguan last week.
Wang Zhiguang, vice-chairman of the Dongguan Toy Industry Association, based his analysis on the rising cost of raw materials, soaring overheads, the global market slowdown and depreciation of the US dollar.
Of about 3,800 firms in Dongguan, he believes that no more than 2,000 are likely to survive in the next couple of years.
Obama visits grandma
US Democratic presidential candidate Barack Obama left the campaign trail Thursday to visit his critically ill 85-year-old grandmother in Hawaii.
His aide said in a statement that his grandmother, Madelyn Dunham, has always been one of the most important people in his life.
Along with his mother and his grandfather, Dunham raised him in Hawaii from the time he was born until the moment he left for college.
The campaign interruption comes as Obama and Republican John McCain head into the final sprint for the November 4 election.
Picture News
Hamilton wins Chinese Grand Prix
Britain’s Lewis Hamilton was hoping to become Formula One’s youngest-ever winner, but this was not in the cards for him at the Chinese Grand Prix.
Hamilton won the race at the Shanghai International Circuit on the weekend, but Felipe Massa powered to second place.
Hamilton now has a healthy but not indestructible seven-point lead of 94-87 over Massa.
Beckham on loan to Milan
David Beckham is in talks with Italian football club AC Milan about joining them on a short-term loan to enable him to stay fit for the English national team during the US off season.
England coach Fabio Capello, whose side have won four out four in the 2010 World Cup qualifiers, has hinted he would only pick Beckham for February's proposed friendly with Spain if he was currently playing.
Queen Elizabeth II opens up gardens to public
Due to the financial crisis, Queen Elizabeth II has lost ￡37m of her ￡100m investment capital in securities.
To reduce current losses, the Queen is opening the entire garden at Buckingham Palace to the public for the first time from next April.
Admission will be ￡20 per person, and the money will be spent on repair and maintenance.
（英語點津 Helen 編輯）
Bernice Chan is a foreign expert at China Daily Website. Originally from Vancouver, Canada, Bernice has written for newspapers and magazines in Hong Kong and most recently worked as a broadcaster for the Canadian Broadcasting Corporation, producing current affairs shows and documentaries.
Dylan Quinnell is a freelance journalist and photographer from New Zealand who has worked in TV, print, film and online. With a strong interest in international affairs, he has worked in Denmark, Indonesia and Australia, covering issues like the EU, indigenous people and deforestation. Dylan is in Beijing on an Asia New Zealand grant working as a copy editor for the English news department.
Bernice Chan is a foreign expert at China Daily Website. Originally from Vancouver, Canada, Bernice has written for newspapers and magazines in Hong Kong and most recently worked as a broadcaster for the Canadian Broadcasting Corporation, producing current affairs shows and documentaries.
Dylan Quinnell is a freelance journalist and photographer from New Zealand who has worked in TV, print, film and online. With a strong interest in international affairs, he has worked in Denmark, Indonesia and Australia, covering issues like the EU, indigenous people and deforestation. Dylan is in Beijing on an Asia New Zealand grant working as a copy editor for the English news department.