Posted on 07/15/2018 9:10:45 PM PDT by Olog-hai
China’s economic growth slowed in the quarter ending in June, adding to challenges for Beijing amid a mounting tariff battle with Washington.
The world’s second-largest economy expanded by 6.7 percent, down from the previous quarter’s 6.8 percent, the government reported Monday.
Even before the dispute with Washington erupted, forecasters expected growth to cool after Beijing started tightening controls on bank lending last year to rein in surging debt.
Economic activity is expected to decline further as global demand for Chinese exports weakens and lending controls weigh on construction and investment, major contributors to growth.
Beijing has responded to previous downturns by flooding the state-dominated economy with credit. But that has swelled debt so high that global rating agencies have cut China’s government credit rating. …
(Excerpt) Read more at apnews.com ...
It’s way past time we’ve gone after China’s unfair and self-promoting business practices. You can just imagine the Communist Chinese government discussing what went wrong for the USSR, and coming to the obvious conclusion that Western market economics was one of the biggest weapons that defeated the USSR in the Cold War. Then deciding to do things differently, and combine market economics with top down Communist control, using economics to beat the West. Unfortunately and predictably, our moronic politicians facilitated their efforts. They threw away our advantage in the world, and put our entire way of life at risk.
They are not “moronic”. They were and are quite complicit.
It certainly was no accident that Obama picked Maoists for his first cabinet.
It is impossible, of course, to carry out all these measures at once (i.e. the Ten Planks of Communism). But one will always bring others in its wake. Once the first radical attack on private property has been launched, the proletariat will find itself forced to go ever further, to concentrate increasingly in the hands of the state all capital, all agriculture, all transport, all trade. All the foregoing measures are directed to this end; and they will become practicable and feasible, capable of producing their centralizing effects to precisely the degree that the proletariat, through its labor, multiplies the country’s productive forces. …It is certainly no coincidence that the same things have been attempted here in the USA. What is the endgame of the USDA, for example? We already know what the FDA, Medicare/Medicaid and later Obamacare tried to achieve, too.
China is running the largest trade surplus in the entire history of the world, with America right now.
The biggest.
In history, last year.
This year, it is bigger every single month.
BIGGER.
They probably got a big bump from a surge in orders timed to beat the tariff deadline.
They’re still selling 30 MILLION cars per year in that country (and no, they’re not Yugos), something to think about when 10 Million is a good year in the US.
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