Big companies outsource manufacturing through contractors, then subcontractors, and fierce retail competition translates into a squeeze on factories in Bulgaria, China, Indonesia or wherever.

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"Our aim is not to help develop property, but to resolve the short-term liquidity squeeze, " said Li Xin, a vice president at China Orient.

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It would boost consumers' purchasing power and squeeze corporate profits, which have accounted for most of the increase in China's excessive domestic saving in recent years.

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As the only U.S. passenger outfits permitted to fly into China, United and Northwest will lose serious pricing leverage on lucrative flights if United-nemesis American Airlines and others squeeze into the arena.

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They concluded that to achieve the required export growth, China would have to reduce prices, which would be increasingly hard to manage, whether through productivity gains or a squeeze in profits.

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