MercoPress. South Atlantic News Agency
Chinese economy could be stabilizing shows latest set of economic figures
China's economy could be stabilising, the latest set of economic figures from the country has suggested. Factory output in July rose 9.7% compared with a year ago, ahead of expectations and up from the previous month's figure of 8.9%. Consumer prices held steady in July, rising 2.7% from a year earlier, matching the rate seen in June. Read full article
Comments
Disclaimer & comment rules7.5% growth and they are bitching about that? Most countries couldn't come close to that in their wildest dreams.
Aug 11th, 2013 - 08:29 am - Link - Report abuse 0Chinese were investing in raw products and commodities while the US was betting big on Facebook and other crap of no use.
China's stats are about as accurate as Indec
Aug 11th, 2013 - 09:51 am - Link - Report abuse 0Don't believe a word of what they say
2 yankeeboy
Aug 11th, 2013 - 09:55 am - Link - Report abuse 0Yes, it's Chindec time again.
I'm in China right now, and it's definitely growing at a good clip. There are some issues, like the current heat, all the elevator systems in this country are lacking and crappy and leave you waiting at least 5 minutes every time you need to go up or down. There's also a decent amount of concern about prospective domestic terrorism due to anger from a very tiny percent of China's own citizenry...but I couldn't really say it's much more than what most first world countries are dealing with nowadays too, especially if you consider it on a per capita basis (china having 1.35 billion).
Aug 11th, 2013 - 10:09 am - Link - Report abuse 0EVERYONE here is working though, and working HARD and LONG. And more and more rural people keep coming to the urban centers, this country is FAR from significantly slowing or stopping growth.
There is good growth and bad growth. China has bad growth ( like Argentina's “won” decade), it is state driven, there is nothing real supporting it. They have warehouses filled with unsold products, ghost cities, insolvent banks, “bankrupt” local gov'ts, poisoned land, water and air and a old population.
Aug 11th, 2013 - 10:25 am - Link - Report abuse 0Their long term outlook is very very bad.
If they continue on this road they'll have so much civil unrest it will probably turn into revolution.
Yankeeboy, I agree with you on Argentina, which I've also traveled extensively. But you're totally wrong on China, no offense. There is a LOT supporting it. And there are some bad loans here just like anywhere, and if you consider the size of China's “problems” don't forget to consider the size of US and UK debt to GDP. All countries on this planet face big problems. China is still growing quite well and you can expect it to for quite some time to come.....or you can not expect that and be wrong. I'm here in person, I'm studying Mandarin here, I have feet on the ground and I see this all first person.
Aug 11th, 2013 - 10:58 am - Link - Report abuse 05 yankeeboy
Aug 11th, 2013 - 01:28 pm - Link - Report abuse 0You are wasting your time: he has his feet on the ground, and given the very poor analysis, his head up his arse.
But he! He's learning Mandarin. That will come in real handy at the Chinese take out when he gets back to the USA.
It's just not acceptable, after all the research and investigations into fact that you and I do to criticise somebody who is there!
Mastershake, imagine you are standing in the centre of London on weekday afternoon. It's busy, its moving and shaking (whatever that means to you).
Now go back on a Sunday morning. See what I mean?
Then go to an internet cafe and check the metrics on the same place. I rest my case.
lol, glad to see ChrisR is STILL butthurt and screenstaring his life away in cold Uruguay, alone and poor
Aug 11th, 2013 - 02:06 pm - Link - Report abuse 08 Mastershake
Aug 11th, 2013 - 03:17 pm - Link - Report abuse 0Oh dear!
You do make us all laugh at your simplistic antics.
You don't understand irony or sarcastic humour do you?
“People who are sarcastic usually annoy the hell out of everyone who can’t get their jokes” Urban Dictionary.
China's economy is not growing 7.5%! That is what the government dictates it wants and voila it dutifully arrives. Chinese growth statistics are (a la Argentina) whatever the government dictates them to be.
Aug 11th, 2013 - 07:12 pm - Link - Report abuse 0If you want proof then do some research on the mysterious 32nd province, the 'Li Keqiang Index' and GDP deflators. Here's a little help if you dare:
goo.gl/ECaeW
goo.gl/Aq64tg
goo.gl/acPG2F
goo.gl/gsdx1n
China is getting diminishing returns for every yuan invested. A debt bubble about to burst and its demographic time bomb is finally about to tick down to bust.
It is estimated that the Chinese debt problems could outstrip those of the US that caused the GFC. The potential is so worrying that two weeks ago the Chinese government instructed The National Audit Office to place every other task on hold and do an urgent audit of all government debt.
Because it doesn't even know how much debt is actually has!!!!!
As for China's miraculous export growth recently, it would seem that 'round tripping' through Hong Kong is again live and well as the export growth isn't matched by import growth in other countries.
As for Mastershake's in depth analysis while standing in the middle of China, I suggest he looks in the 'Lewis Turning Point' and demographics (here's a hint, China's demographic profile now is the same as Japan's in 1990 when Japan was already rich and developed).
China is not another Argentina, but then again it is not another US either. The way it is shaping up, it isn't even going to be another Japan (old and rich and stable).
Vested interests now run China and the desire for big bang reforms that might risk the massive wealth of China's ruling class is now avoided. A crisis might change that but expect bread and circuses to be tried first.
LOL, I love how people think reading an article online makes them an expert on a subject.
Aug 11th, 2013 - 10:56 pm - Link - Report abuse 0Seeing it firsthand gives a much better overview than simply reading what a media outlet feeds you because it's what you want to read/hear.
And ChrisR still butthurt, lol, I did a number on you!
That is your comeback? Pathetic much?
Aug 12th, 2013 - 06:01 am - Link - Report abuse 0You think because you are in China that you have a better ability to understand? Wow using that logic every country would foresee every economic crisis or social issue before the proverbial shit hit the fan. But as a tourist you think you understand China better than me?
Tell me, from where you are sitting, can you see China's demographic problem?
You know, walking down the street?
When you look out the window do you see the Lewis Turning Point?
Did you drive down a wide new freeway?
Or catch a shiny new train?
Did you see the debt clocked up by the local, provincial or national government to build it?
Perhaps you visited Ordos?
If not, try Teiling New City.
Just two of China's ghost cities - built and yet empty.
Investing for the sake of investing.
Consumers can be convinced to buy the same product again and again and again over time however you can only build most infrastructure once. Once built you can't rebuild it to gain the repeat growth.
Seen thousands of pig carcasses floating down any rivers? No!
But maybe you can see the smog or pollution sitting there smug in your knowledge. Have you calculated the loss of GDP that China's environmental problems are costing it?
China is fast falling into the middle-income trap and even worse it will grow as it grows old before it grows rich.
Not sure the last time you were in Japan, but standing in Shibuya doesn't really tell a tourist that Japan has been in economic problems for nearly 20 years now. How about Singapore? Did you get the vibe that the Singaporean government is struggling with an extremely low birth rate together with an education system that doesn't foster innovation?
I love how tourists think their shallow observations trumps actually knowledge.
I don't have to be standing in Red Square holding a rainbow flag to know that Russia represses human rights, just like I don't have to be standing in China to know that it has major economic problems.
UK grows 0.3% and the recession is over, people are happy and hard times are over.
Aug 12th, 2013 - 06:29 am - Link - Report abuse 0China grows 7.5% and it has “major economic problems”...
Tell you what, only way to stop China's Growth, would be to stop Africa and South America feeding it.
Good luck with that :)
The UK's 0.3% growth is more believable than Chima's 7.5% growth.
Aug 12th, 2013 - 09:10 am - Link - Report abuse 0A repeat for the simpletons: “do some research on the mysterious 32nd province, the 'Li Keqiang Index' and GDP deflators.”
China's growth figures have been suspect for years and even more so now. Africa and South America don't feed China, the west does by buying her exports.
Anglotino
Aug 12th, 2013 - 09:18 am - Link - Report abuse 0Reliablility is in the eye of the beholder.
When the US or the UK speaks up, I'm quite positive the opposite stance will be the most moral one, for example...
12 Anglotino
Aug 12th, 2013 - 09:28 am - Link - Report abuse 0Excellent repost, but you don't expect him (or Stevie) to understand it do you?
I tried the jovial approach and look at his response to me! I don’t know about MASTERshake I think he ought to consider MINORshake to go with his intellect.
13 Stevie
Is that so Stevie? I bet you believe in INDEC figures as well. You clearly believe in fairy tales if you believe China is going to be the saviour of SA or vice-versa.
We all know you have trouble understanding financial reality due to your commie background and ‘social inclusion’ or bust attitude but I don’t think you will ever get the point that if everybody has a job, everybody will be better off.
Chris
Aug 12th, 2013 - 09:33 am - Link - Report abuse 0Me a commie? Nah, old man, I grew surrounded by Rosencofs, Mujicas, Huidobros and even a Sendic...
;)
You mean having a job and being better off, like in Europe?
Are you talking about the youth?
Or simply not?...
lol, wow, I really butthurt you bitches, you jealous naysayers sound like every other ignoramus for the last 30 years, reading CNN articles from your screenstare caves and thinking you've become an expert because of it, hilarious, you know jack shit
Aug 12th, 2013 - 09:57 am - Link - Report abuse 0TWIMC
Aug 12th, 2013 - 10:45 am - Link - Report abuse 0just humor shakejob...he is clearly very envious and buttsore.
@minorshakejob
lol, wow, did your daddy beat you much? keep screenragin' for me.
17 Stevie
Aug 12th, 2013 - 12:14 pm - Link - Report abuse 0No, I am writing about the Uruguayo who have no jobs because of the stupidity of Pepe and his social inclusion WHICH SHOULD PROVIDE JOBS for long term wealth.
Not robbing those in a job to give to the ones he cannot provide PRODUCTIVE jobs for.
But you will never see the sense in this because of your “socialist” outlook, which elsewhere (outside of SA) would be considered communistic.
@ TTT
Aug 12th, 2013 - 12:22 pm - Link - Report abuse 0What are you even talkin about? How could you have me “screenragin” when I wasn't even aware you were part of this “discussion”....unless TTT is another username for Anglotino, Stevie, or ChrisR?? I'm guessing TTT must be Stevie...
lol @ minorshake spazzing out again.
Aug 12th, 2013 - 02:01 pm - Link - Report abuse 0Come back if your sore butt wants some more...
Keep screenragin' for me.
21 Mastershake
Aug 12th, 2013 - 04:26 pm - Link - Report abuse 0WELL DONE!
You have managed to get TTT against you as well! That is a first on here!
I think that might be a message about your cognitive skills. Like you don't seem to have any!
You continue to make us all laugh at your simplistic antics.
Chris @20
Aug 12th, 2013 - 04:51 pm - Link - Report abuse 0You mean all of those 6%?
According to the World Bank, Uruguay suffers from underemployment, not unemployment...
Why does Mastershake keep talking about butts? Even I'm weirded out.
Aug 12th, 2013 - 05:10 pm - Link - Report abuse 0But his butt fascination divers from the fact that he can't argue I guess. Considering his age you would have thought he remembered all the articles about Japan taking over the world economically in the 80s. And look how well hose predictions turned out.
China's peak is in the past but Mastershake is mesmerised by the flashing lights or maybe he is just mesmerised by other guy's arses?
lol, butthurt and screenstarin ^ I did a NUMBER on yall! keep ragin for me ;D
Aug 13th, 2013 - 12:34 am - Link - Report abuse 0Laughing, butthurt and staring at a screen?
Aug 13th, 2013 - 04:36 am - Link - Report abuse 0Now I for one wouldn't be advertising that this is what I was getting up to in a foreign country..... especially if I was straight.
@ 24 Stevie
Aug 13th, 2013 - 07:22 am - Link - Report abuse 0YES, and WHY is that the case?
Ask Pepe how many deadbeats he has padded the government with, ALL non-production sucking off the teat of productive workers and private taxpayers (like me, but not you).
You know I have consistently stated that 50% of the tit-suckers at ALL levels should be sacked and then retrained to work in the private sector to enable the work force for new industry.
Do you really think working for the ROU at minimal wages is better than working for a go ahead company in a vibrant economy? Ah! I can see the problem: it wouldn’t be a socialist / commie government, would it?
But at least you are consistent: you either DON'T KNOW or you are obfuscating.
lol, still ragin for me, too easy
Aug 13th, 2013 - 10:53 am - Link - Report abuse 0Chris
Aug 13th, 2013 - 02:34 pm - Link - Report abuse 0So you mean we should fire 50% of our work force and hire those 6%, just because you disagree with them ideologically, and besides, in your head, it's great for unemployment?
Damn, you ARE getting old...
@ 30 Stevie
Aug 13th, 2013 - 03:38 pm - Link - Report abuse 0You know very well what I mean but you cannot face facts that the commie approach of the state having monopolies over companies that should be private and therefore in competition with others for the well being of all citizens is failing.
“Managing capital” at government level has never worked and will never work. You cannot trust ANY government, especially LatAm ones to look after your money, it just does not come with being a politician.
I challenge you to provide ONE example where a government that operates like that is a success because Uruguay is missing out big time because of theirs.
Bloated, over taxing, poorly run, “operates outside the law” when the president wants, are not the attributes that works for the privately employed citizen. Frankly I think more about the Uruguayo than you do.
It doesn’t matter to me personally, my taxes are no higher than elsewhere but my income is much higher than the average Uruguayo and they are hurting with this giveaway for the holy grail of social inclusion.
But how would you know, you don’t live here and you most certainly do not pay income tax here, do you?
Sweden in the 80's, before the privatizations.
Aug 13th, 2013 - 04:03 pm - Link - Report abuse 0I'm ok with private companies, but not of those who matters for peoples basic needs. such as Education, Health, Energy, Transport... you get the idea.
That should be financed by taxes, the ones I too pay, my dear Chris, and the ones you say you pay. For the good of the society.
Because a society is not something around you, it is formed by you and me, and if we do not contribute to the Development of the same, you will end up will a law of the jungle, where social heritage decides your fortune.
We tried that already, and we don't want that. For USA and EU it works fine, but Uruguay does not invade sovereign countries in order to boast its economy, nor does she have the influence to live on somebody elses money, building up a massive debt to support the standard of living.
So we just make sure we grow slowly and steadily, making sure everybody is on the boat, offering a hand when a hand is needed.
And even if not everybody agrees and acts the same, they know right from wrong and in the end, we do end up with a happier, more equal society.
That is social inclusion.
Anglotino, great analysis. Sounds like “irrational exuberance”.
Aug 13th, 2013 - 05:42 pm - Link - Report abuse 0Ayayay
Aug 13th, 2013 - 08:38 pm - Link - Report abuse 0Thank you. Yes this happens every few decades but people have such a short memory that they forget because they are to enamoured by the now and blinded by the promises and hype.
China was supposed to displace the US - it hasn't and it won't.
Japan was supposed to displace the US - it didn't and it can't.
The Soviet Union was supposed to displace the US - it didn't.
It is hard to imagine that once the Soviet Union's economic growth left the US in the dust. And that for some, its economic system was superior.
It is hard to imagine that once Japan's economic growth left the US demoralised and that its economic system was also superior to the US.
It is not hard for some to accept that China's economic growth was not sustainable and that its economic system is also build on a real estate bubble and investment boom.
Don't get me wrong. Japan is still a rich and powerful nation and China will also be a big economy and powerful nation too.
But this isn't the Chinese century. Indeed, according to the UN low variant population forecast, by 2100 China's population could be half what it is now. Even those estimates are in doubt as population decline is now looking to start in the next decade and not in 20-30 years as was imagined just a couple of years ago.
China played its demographic dividend well, much better than places like India and Brazil have, however it isn't enough to catapult it into the developed world or even into a hegemonic force.
lol, STILL ragerambling?! your anger is impressive, I really played with your mind!
Aug 14th, 2013 - 05:53 am - Link - Report abuse 0Ayayay
Aug 14th, 2013 - 07:51 am - Link - Report abuse 0I also forgot to mention Nazi Germany waaaaaay before even the Soviet Union really got going.
Oh how is this for timing. Just perfect timing to back me up!
Aug 15th, 2013 - 08:27 am - Link - Report abuse 0http://www.theage.com.au/business/world-business/lies-damn-lies-and-chinas-economic-statistics-20130815-2rytt.html#ixzz2c2X9IvCB
Especially like this quote:
“Conservatively, correcting for housing price inflation ... adds approximately one per cent to annual consumer price inflation in China, reducing real GDP by more than $US1 trillion”
That TWELVE percent of the economy might be just a fantasy and not even exist.
Chinese growth figures are just “guesstimates” - it may not be as dysfunctional as Argentina but hard to take a country serious when it has to fake its growth statistics.
37 Anglotino
Aug 15th, 2013 - 09:59 am - Link - Report abuse 0Apart from N. Korea and some of the 'stans it is difficult to think of any other country as dysfunctional as Argentina.
Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!