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Gordon Chang: China's Headed for Meltdown
In 2001, Chang predicted the collapse of China by 2011. He predicted it again many times since. Some day he'll be right.[19Fortyfive] Companies no longer want money to launch new projects. Pessimism about the economy dominates thinking in Chinese boardrooms and throughout the rest of society. The big story is not that the Chinese economy is falling apart. It is, at least apart from the export sector. The big story is that China's stimulus efforts, so successful in the past in jump starting growth, are no longer working. The country's economy is, in a word, exhausted. In the past, when the economy look fatigued, China's business community could count on the central government to create growth with massive stimulus programs. That is, after all, how former Premier Wen Jiabao avoided contraction in China as the rest of the world suffered during the 2008 downturn. Posted by: Lord Garth 2022-09-06 |
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