As a student major in finance, I surely am interested in and always focus on the global financial markets. Witnessing the successive falls of once leading and prestige financial giants in the 2008 and 2009 was a shock to me. It happened too fast. My mind reeled as soon as I read the news: a fierce global financial tsunami is barreling in.
I read a piece of news several weeks ago concerning the US’ economic recovery since fourth quarter 2008 which said by Bernanke -- Chairman of the US Federal Reserve. I also heard similar words over and over again from people all walks of life. Obviously, the majority of US people believe that this is a time for optimism about the US economy. However, my predictions are less rosy than those people. In my point of view, it is a bit premature to say the spring is coming as we can’t deny the bitter truths, namely the immense trade deficit, the crisis level of unemployment rate and the nearly zero interest rates. Actually, the future is still a long way to go; we just arrived at a crossroads, a new turning point.
However, there is no doubt that some fields and district’s rebirth is giving hope to those people bogged down in the vortex of the financial crisis. I am glad to see that Chinatown has been such a good sample. As far as I concerned, the renaissance of Chinatown could be attributed to the following four essential factors.
First is the diversified business. Different from previous scene, which was the single trade – catering industry, it is a comprehensive district consisting of many enterprises such as arts, education and culture industry. The diversity of the region attracts multicultural people. Undoubtedly, it is close to success if there is something can meet all age groups, various backgrounds and cultures.
Second – the unified management. Just as the report said, the independent businesses are more vulnerable to pressure from the recession. Thanks to the Chinatown Main Street, a nonprofit group that is responsible for the organization and management of this neighborhood, Chinatown as a whole has been running better during the recession than more exclusive districts.
Third – the reasonable rent prices, the luxury condominiums and the more convenient traffic are indisputably light spots to the investors. The Asian accounted for a large proportion in the population of Boston and many of them posses with rich assets. Under the whole world financial crisis's situation, there is no question the real estates – especially those valuable areas in Chinatown, are offering a precious opportunity for Asian investors.
Fourth – the profound metamorphosis of Chinatown’s image. Although I have been here for two months, I can imagine the bypast scene of Chinatown – gloomy and drab restaurants, beloved-if-grimy Chinese food, trash-filled streets and low quality operators. I have been to Chinatown twice lately and what I find now is the swept streets, renovated shops, various Asian cuisines and quality services. All these make me enjoyable.
From what has been discussed above, I am not surprised to see the renaissance of Chinatown and I sincerely hope that many other places in Boston be rebirth just as what Chinatown experiencing before long.
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