Looks like we need to do something about that...I have an idea who might be able to:
Posted on 07/31/2007 10:55:13 PM PDT by AmericanInTokyo
China and India are the new engines of world economic growth, replacing the United States and other developed countries, International Monetary Fund managing director Rodrigo Rato said Tuesday.
He said China overtook the United States this year to become the biggest contributor to world economic growth.
"For the first time, the largest contribution to global growth will now be made by China," Rato told a business conference in the Philippines.
"Looking ahead, we expect this pattern of growth to continue... we expect China -and increasingly India – to grow in importance as engines of global growth."
He said China would grow by more than 11 per cent and India at around nine per cent this year, with almost equal rates in 2008.
“After slowing down, the US economy would "regain momentum gradually as the drag from the current housing correction and the softness in the business sector dissipates.”
"Prospects in Europe and Japan remain good," Rato added, without giving specific figures.
"The outlook for the global economy is generally good and the economic prospects of most countries in emerging Asia are also good," he said.
At the same time, Rato warned that the oil market and capital flows were a major concern.
While the global economy had easily shrugged off the high oil prices driven by increased demand, "a supply shock could be much more damaging to global growth."
Inflows of capital to emerging economies could complicate macro-economic management and expose the countries that receive them to an abrupt reversal of flows when sudden shocks occur," he added.
Rato also said there was a "danger of a backlash against globalization" as many people felt mainly benefited the wealthy and educated.
He said the best way to address this inequality was to increase investment in education and technology and give the poor more access to infrastructure, utilities and financial services so they could also benefit from globalization as well.
Methinks someone is full of Shiite. ;o)
Yeah, wait’ll you see what China and Asian markets do overnight/tomorrow (and....ours)
Gonna be a brutal day, IMO.
Chinese growth potential is inherently limited by the restriction of the free flow of information necessary to initiate and sustain innovation. The authoritarian, technocratic elite running that country cannot abide freedom of thought in its truest sense—unless that thinking is harnessed to the promotion of China’s image as an unstoppable economic juggernaut. Besides, I remember the same kind of comments made when Japan was going through its boom period in the Eighties, when supposedly knowledgeable commentators talked about the inevitability of Japanese economic dominance and the certainty of American decline.
In show business, buzz is generated by paid mouthpieces putting out the word on this or that celebrity: spreading gossip, doing promotional campaigns and publicity stunts, conducting photo ops orchestrated not to look like photo ops. These mouthpieces are paid by the studio or the record label or the talent agency representing that particular star.
Same thing here. Follow the money.
Well, the US economy is about 5 times that the size of the Chinese economy (you can argue that on a PPP basis the gap is smaller). China continues to turn out 10-11% GDP increases year after year. US GDP growth for the year is in a slowdown at 1.8% for the year. Anytime, US growth falls below 1/5 the Chinese growth rate, then it will become the primary engine for growth.
China is growing but it’s numbers are not to be believed. It is the command side of the economy which continues to generate the statistics. We saw what the real Soviet economy was like when the music stopped.
That may be true, but with the Soviets, there wasn't this massive transportation of finished goods leaving ports in thousands of container vessels, as the case is, with China. Moreover, the 'Made/Faked/Manufactured in China' labels are far more common than the U.S.S.R- made labels ever were.
Of course mad cow disease stopped US beef exports to Japan, stone cold, nmuch to our disgrace.
China's over heated economic engine is about to thrash and crash within the next few years. Then maybe they will go slowly and build their economy well.
Perhaps we are seeing the first signs of a devolution of communism in China. Its body politic has lost control of its economy, and can barely keep the lid on the pot, let alone guide whats happening IN the soup as they need to.
Wild horses cannot drag me to the 2008 Olympics, where mob rule is sure to become the order of the day, with its consequent overreaction by the PLA.
lol
But the companies that are making money in the export business in China are the foreign companies. The State-Owned Enterprises are losing money hand over fist but can’t be wound up because they provide employment to millions.
China’s growth will not be a straight line 10% for as far as the eye can see as many analysts seem to think.
The Russian economy now is 20 times larger than the Soviet Economy ever was.
Looks like we need to do something about that...I have an idea who might be able to:
Gee, where are all the phoney free traders who normally rush in to deny that they aren’t top-dogs anymore.
We’ll have to clean out the hand-wringers, pansies, Free Traitors, and other assorted dimwits in both the House and Senate as well.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.