China Matters: 2008 Review
By Paul Hastings Professional
2008 was a year of extremes for China from the disastrous Sichuan earthquake to the euphoric Olympic Games to the scandalous nationwide recall of dairy products, and from feverishly combating hot money in real estate at the beginning of the year to introducing the largest fiscal stimulus package the country has ever seen in November. It was challenging to maintain stability in such volatility. As a result, in addition to steadily promulgating regulations to implement the ground-breaking Anti-Monopoly Law, Enterprise Income Tax Law, Labor Contract Law, and improving longer term efficiency of its administration, the Chinese government also made swift adjustments to deal with a worldwide economic slowdown.