Could a financial crisis that had its origin in dubious mortgages in California end up challenging the power of the Chinese Communist party?
China's growth rate this year is likely to be much higher than anywhere else in the world, but the global financial crisis has still been cutting a swathe through the country's manufacturing base.
Chen Xiwen, a senior government official, revealed in February the extent of the carnage: the number of migrant workers already laid off from export factories was 20m, from the 120m-140m migrant workforce.
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