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China remains an oasis of economic growth as the country started a weeklong holiday. Masses were out in force in the large cities to celebrate to combination of National Day and the traditional Mid-Autumn festival.

Airlines have been adding over 1,000 flights. TV-stations showed how extra trains have to accommodate the expected 60 million tourists that are expected to travel this week. In China it is holiday as usual and only premier Zhu Rongji added the fight against terrorism as an extra during a speech that also could have been held last year.

The economic threats did not appear on any of the agenda’s of China’s nationwide receptions and parties. But representatives of shipping lines and traders at celebrations in Shanghai warned it was still too early to feel the effect on the worldwide recession on China’s export. “Most orders were already in the pipeline,” said one of them. “We expect only to see an effect of the economic downturn in November. In the longer run, the American Christmas is in the end decisive for China’s export. Are the Americans going to buy for Christmas?”

As China’s economy mostly dependents on domestic demand, estimations for its economic growth have only been downgraded marginally, from close to eight percent growth for its GDP to between 7 and 7.5 percent.

And as trust is a major pillar under a country’s economic strength: China might just have a very effective tool to face the economic storm that is hitting the rest of the world.

Tagalder will continue in its active merger and acquisition activities in China and believe that it will benefit Tagalder in the long run.

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