China currently accounts for about 1% of IBM Corp’s $64,500m worldwide annual sales, the company says, implying between $600m and $650m, and it has been making bullish noises about its business there, saying that it forecasts 40% growth there this year, down from 80% last year, despite the country’s recently imposed austerity programme; this, imposed in face of growing alarm over China’s overheating economy and banking crisis, calls for a 20% cut in government spending and cutback of loans and investment; IBM has two joint ventures in China to manufacture computer equipment.
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