Posted on 09/16/2014 8:07:03 PM PDT by Lorianne
Premier Li Keqiang is determined to drive through deep reforms and wean the economy off exorbitant levels of debt before the damage becomes irreversible ___ Chinas leaders have brushed aside warnings of an incipient credit crunch in the Chinese economy, determined to purge excesses from the financial system despite falling house prices and the deepest industrial slowdown since the Lehman crisis.
Industrial production dropped 0.4pc in August from a month earlier, a rare event that highlights how quickly China is coming off the boil. The growth of fixed asset investment fell to record lows.
It is a shockingly sharp deceleration, said Wei Yao, from Societe Generale. What is surprising is the calm response from Beijing. The new leaderships tolerance for short-term pain seems to have jumped by another big notch.
Electricity output has dropped 2.2pc over the past year as the authorities continue to force dinosaur industries into closure, chipping away at excess capacity.
(Excerpt) Read more at telegraph.co.uk ...
They’re betting we and the Europeans collapse first...
Who knows, perhaps the Islamic State will eventually end up with a higher credit rating than us.
If europe and us go first, who’s gonna buy all that plastic crap they make?
CC
Financial chaos breeds revolution, here’s hoping Communist Party heads roll down the streets of Bejing.
That ‘axiom’ would apply here in the US also.
I agree.
China isn’t slowing down, insofar as it is still growing like mad.
Mostly because America is buying billions and billions in imports from China.
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.