Posted on 10/31/2013 6:38:22 PM PDT by TexGrill
While talk of political dysfunction in the United States dominated many of the conversations at this year's Asia Pacific Economic Cooperation summit, another topic was causing anxiety: China's economic slowdown and its implications for the region. China's so-called economic miracle has powered growth in Asia for years, helped deepen trade ties and spread much-needed capital to its neighbors.
But now, it looks like slowing growth in China could spill across borders to less-developed parts of the continent.
The World Bank just downgraded its forecast for the increase in China's GDP this year to 7.5% from 8.3%. Its estimate for the rest of Asia was even worse: 7.1% instead of 7.8%.
The trend is a worrying one for businesses. A survey of Asia Pacific opinion leaders, released at the summit, revealed that a slowing Chinese economy was their top concern.
The survey, conducted over the summer, showed that 44% of respondents ranked "a harder than expected landing of the Chinese economy" in their top five risks. By way of contrast, only 23% put U.S. failure to pass economic and budgetary measures in their top five.
(Excerpt) Read more at money.cnn.com ...
Why post this article? It’s about three years behind the times.
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