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More China PR to clean up bad products |
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Written by Stumo
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Friday, 24 August 2007 |
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Reuters reports China declares 'war' on tainted products. For four months, apparently. Their food and drug administration equivalent approved 150,000 new drugs
last year, compared with the U.S. FDA approving 140. I think
any clean up effort will take more time. Kind of like building
the Great Wall.
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In the news
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The following was written by Peter Morici, professor at the University of Maryland School of Business and former Chief Economist at the U.S. International Trade Commission.
What’s Next for the Fed: The People’s National Bank?
The Federal Reserve has cut the federal funds rate and its short-term lending rate to banks to near zero, but those moves have done little to unlock credit markets. Conventional mortgage money and business loans remain too scarce, as regional banks, which are the arteries and capillaries of our credit system, remain short of loanable funds.
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