Paul O’MalleyHomework 7 24449318 This article is about how even though the rest of the world is in a recession, China is still growing and still consuming more and more every year. One point in the article is about how a strategically implemented stimulus package helped save the country from the effects of the 2008 recession. In this period the amount of oil they consume, and cars and houses they buy has gone up. This growth could make China face problems though. By the year 2020, China is expected to be importing three times as much oil as it is exporting. One way China is looking to prevent this problem is by buying up oil companies throughout the world. This may sound like a lot, but it is still miniscule compared to the number of fields oil giants like ExxonMobil own. The end of the article goes on to talk about how while the recession has hurt most countries, China believes that it will open up opportunities for acquiring assets for cheap overseas. An example of this is the Chinese government loaning out 30 billion dollars for these
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Late-2000s recession, Drilling rig, Paul O’Malley Homework