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Is China headed toward collapse?
Eamon Javers
Politico
Thursday, Nov 12th, 2009
The conventional wisdom in Washington and in most
of the rest of the world is that the roaring Chinese economy
is going to pull the global economy out of recession and back
into growth. It’s China’s turn, the theory goes,
as American consumers — who propelled the last global
boom with their borrowing and spending ways — have begun
to tighten their belts and increase savings rates.
The Chinese, with their unbridled capitalistic expansion propelled
by a system they still refer to as “socialism with Chinese
characteristics,” are still thriving, though, with annual
gross domestic product growth of 8.9 percent in the third quarter
and a domestic consumer market just starting to flex its enormous
muscles.
That’s prompted some cheerleading from U.S. officials,
who want to see those Chinese consumers begin to pick up the
slack in the global economy — a theme President Barack
Obama and his delegation are certain to bring up during next
week’s visit to China.
“Purchases of U.S. consumers cannot be as dominant a
driver of growth as they have been in the past,” Treasury
Secretary Timothy Geithner said during a trip to Beijing this
spring. “In China, ... growth that is sustainable will
require a very substantial shift from external to domestic demand,
from an investment and export-intensive growth to growth led
by consumption.”
Full
article here
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INFOWARS:
BECAUSE THERE'S A WAR ON FOR YOUR MIND
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