The slow pace of America’s economic recovery means many states are still hurting financially.
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Top China banker warns on asset bubbles
China needs an “urgent” tightening of monetary policy to prevent the huge stimulus measures introduced this year from inflating stock and property bubbles, one of the country’s leading bankers has warned. Qin Xiao — chairman of China Merchants Bank, the country’s sixth-biggest — says in Thursday’s Financial Times that the government should not be afraid of a “moderate slowdown” in the economy.