This is an outstanding, must-read editorial article, in China’s leading and influential newspaper, Global Times. Check it out!
via Economic path firm, despite lower growth – Op Ed – Editorial – Global Times.
Personally, I lean towards the view prevailing in the Global Times, rather than the critical view of China’s GDP projections, prevalent in Western mainstream media.
China’s government has the power to deliver higher GDP but has chosen to balance the risks. The Eurozone would love to be in this position. Remember in 2008, China responded to the financial crisis with unprecedented capital investment – China was more Keynesian than the Eurozone.
I wish that I was as confident about the Eurozone as I am about the quality of China’s economic growth.