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Thread: China's economy suffers 'sharp slowdown'

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    China's economy suffers 'sharp slowdown'

    A nationwide real estate downturn, stalling exports and declining consumer confidence have produced what a Chinese cabinet adviser, quoted on the official government Web site on Thursday, characterized as a “sharp slowdown in the economy.” Though the Chinese economy continues to expand, construction workers are losing jobs in droves and retail sales grew last month at the slowest pace in more than three years. Investments in fixed assets have increased more slowly this year than in any year since 2001.
    The most striking feature of the slowdown is that it extends beyond the coastal provinces, which depend on exports and are closely linked to the global economy, to the country’s far more insular interior, including cities like Xi’an here in northwestern China.
    Whoever criticizes capitalism, while approving immigration, whose working class is its first victim, had better shut up. Whoever criticizes immigration, while remaining silent about capitalism, should do the same.

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    waltky (11-09-2012)

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    well, part of the slowdown in fixed asset is due to domestic policy to try and tackle the ridiculasly inflated property price in many cities. there has been significant attempt over the last couple years to tackle inflation in general (with only mild success) and from a monetary POV forcing down inflation with everything else being equal is usually bad for marco economic numbers.

    Though obviously the world's largest exporter will face trouble when one of it's chief customer seem to be always on the brink of meltdown... (aka the EU).

    Export figures are in trouble all over, as seen by falling crude oil prices. from recent talks though it seems probably that the PRC are going to adjust it's monetary policy a bit again to cope with the current slowdown.

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    I'm clueless on this issue. OMG, I'm so lame.

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    Looks like the focus is changing from the U.S. to sharing the focus with China...

    Viewpoint: China and the world
    8 November 2012 - The central challenge for China and its relations with the wider world will be managing its own inexorable rise, writes former Australian Prime Minister and China expert Kevin Rudd as part of a series of features on challenges for China's new leadership.
    Xi Jinping - the man most likely to become China's new president - appears to be a man very comfortable with the mantle of leadership. He will take the helm at a time when China is emerging as the world's largest economy. This will be the first time since George III that a non-English speaking, non-Western, non-democratic state will dominate the global economic order.

    Xi can have confidence in his family background, given the contribution of his father Xi Zhongxun to the Chinese revolution and to subsequent economic development. He has served in the Chinese military. He is confident of his economic credentials - holding senior positions in provincial administrations has given him the experience to manage the demands of economic development. And over the last five years Xi has spent a lot of time deepening his understanding of international matters, most particularly China's relationship with the United States. He is the sort of leader the US leadership can do business with as he seeks to continue China's modernisation while maintaining strategic stability in East Asia.

    East Asian nationalism

    What we know from economic history is that political power invariably flows from economic power and, over time, foreign and security policy power follow suit. But the core challenge for China and the rest of the world will be managing the rise of China while maintaining and strengthening the current international rules-based order that has underpinned global strategic stability and economic growth since World War II.

    The current order has served China well over the last 30 years during its reform and modernisation period. It is in China's interests that this order continue into the future notwithstanding the fact that it was not an order constructed with Chinese participation but rather by victorious Western powers after the fall of Berlin.

    See also:

    As China's leadership changes, issues with the U.S remain
    November 8th, 2012 - As President Barack Obama prepares for a second term in the White House, his administration is keeping an eye on another leadership transition now underway on the other side of the world in China. The ramifications will surely to have a global impact.
    With Obama's re-election, any notion that complexity of the relationship between the world's two largest economies could somehow change overnight has been quickly dispelled. Chinese state media issued its own view of the American election on Wednesday, saying Obama's re-election offered an opportunity to improve ties after a first term that many senior Chinese officials viewed as saying things one way then in many ways acting differently.

    Regardless of the sentiment, China watchers say Obama's re-election, while not greeted with elation in Beijing, still provides some element of predictability going forward. There was perhaps greater concern if Mitt Romney had won, given how the Republican presidential candidate had turned China into the ultimate foreign policy bogeyman in the presidential campaign. Chinese officials made clear that any attempt to label their country a currency manipulator, as Romney pledged he would do his first day in office, would complicate the bilateral relationship even further. "There is certainly an exhale with regard to continuity, in that this is the devil that they know," Christopher Johnson, a former longtime China analyst at the CIA told CNN, regarding Chinese reaction to the election. "I would say they are sanguine, but not necessarily energetic or optimistic about the result."

    Cheng Li, a senior fellow with the Brookings Institution, added that as Obama has "by and large" welcomed the rise of China on the global stage, the relationship between the two countries has been able to withstand periodic episodes of tension. Vice President Xi Jinping, who is widely expected to become the head of the ruling Communist party at the end of the current party congress, also is expected to become president of China in March of next year. He met President Obama during a visit to the United States last year, and toured the country with Vice President Joe Biden, with whom he is said to have a good relationship.

    Personal chemistry aside, the issues and challenges facing the administration in its engagement with China are long and daunting. They include a gargantuan trade deficit, Chinese cyberespionage and theft of U.S. intellectual property, not to mention ever-increasing Chinese military expenditures. But the relationship has become increasingly interdependent in today's globalized economy, and neither country is really in a position to let the relationship drift too far. Assistant Secretary of State for East Asian and Pacific Affairs Kurt Campbell recently referred to the bilateral relationship as the "most consequential" of the next decade.


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    They are a Communist country and rule everything people do. Even threatened to kill people not looking like they were crying when the last ruler died. No, they wouldn't have liked Mitt at all.

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