Latest Business News: China's Credit Crunch Spooks World Markets

In its bid to control surging real estate prices and head off a credit bubble, the Chinese government could end up sparking a credit crunch and slow economic growth more than expected. And that's making the rest of the world skittish. The price of oil slid again Friday on the prospect of a tighter supply of cash and slower growth in China. A bipartisan group of senators urged a national security panel overseen by the U.S. Treasury Department to strengthen its review of the $4.7 billion sale of Smithfield Foods to a Chinese company by including two additional agencies to study the deal.
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