China says economy will "absolutely not" experience hard landing

[WhiteTara]

Source: Reuters

China's economy isn't headed for a hard landing and isn't dragging on the global economy, China's top economic planner said on Sunday, but uncertainty and instability in the global economy do pose a risk to the country's growth.

China on Saturday acknowledged it faced tough battle to keep world's No.2 economy growing by at least 6.5 percent over the next five years while pushing hard to create more jobs and restructuring state-owned enterprises.

The comments, as Beijing kicked off its 12-day annual national parliament, underscored the challenges facing China as its economy transitions from an investment and export focused economy to one based more on services and consumption.

"China will absolutely not experience a hard landing," Xu Shaoshi, head of the National Development and Reform Commission (NDRC), told reporters at a briefing. "These predictions of a hard landing are destined to come to nothing."

China's economy grew 6.9 percent in 2015, the slowest pace in a quarter of a century, but still comfortably the fastest among major economies.

Read more: http://in.reuters.com/article/china-parliament-economy-idINKCN0W8058

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The world seems at a breaking point

[forest444]

1. God, I hope not.

We need each other, especially in these challenging times.

[whereisjustice]

2. We are on schedule for another recession. We never fully recovered from previous one, without wage

and savings growth, we are going to see another massive global slow-down.

[Locrian]

3. I don't belive it

Best (really long) article here. There's just not enough natural resources.
At that growth rate - by 2035 they will require the entire world oil production. Thats 5x the US current oil.



http://www.truth-out.org/news/item/31478-china-s-communist-capitalist-ecological-apocalypse

The Wall Street Journal of August 20, 2014, Justin Yifu Lin, an economist and close adviser to senior leaders in Beijing, stated that he's confident China can sustain its recent 8 percent per year growth rate for the foreseeable future. He predicts "20 years of roaring growth" for China. Really? Where does Yifu think the resources are going to come from for this scale of consumption? As it happens, in 2011, the Earth Policy Institute at Columbia University calculated that if China keeps growing by around 8 percent per year, Chinese average per capita consumption will reach the current US level by around 2035. But to provide the natural resources for China's 1.3 billion to consume on a per capita basis like the United States' 330 million consume today, the Chinese - roughly 20 percent of the world's population - will consume as much oil as the entire world consumes today. It would also consume more than 60 percent of other critical resources.

20?? 2035
U.S. China China World
Oil Million Barrels per Day 19 9 85 86
Coal Million Tons of Oil Equivalent 525 1,714 2,335 3,731

[WhiteTara]

4. Yep, we're in trouble. nt

[Warren Stupidity]

5. So then there will be a hard landing.

[WhiteTara]

6. When China sneezes, the world gets

a cold....used to be the US

[bemildred]

7. Absolutely no way. Impossible. Not going to happen. Everything is fine. Really.

Now go back to sleep.