Inflation Has China Running Scared

After two years of double-digit growth, Beijing technocrats will have a hard time convincing real estate developer Zheng Yufeng that it's time for the Chinese economy to cool off. An executive at Shenzhen Huapeng Properties Co., Zheng also is a general in the Armed Police. Talk that Beijing will clamp down on bank lending to the red-hot property sector doesn't worry Zheng, who has government friends with access to cheap loans. Even Shenzhen's heavy traffic doesn't bother him. When cars start to slow Zheng down, he simply speeds his Mercedes 600 through a bicycle lane.

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