Archive for the Economy Category

“US faces another debacle on Pacific economic treaty” – TPP, fake free trade pact, in trouble [World Socialist Website]

Posted in Anti-China propaganda exposure, Australia, Canada, Capitalism crisis early 21st century, Chile, China, China-bashing, Economic crisis & decline, Economy, Encirclement of China, EU, European Union, Germany, Japan, Malaysia, Media cover-up, Mexico, New Zealand, Obama, Peru, Protectionist Trade War with China, Singapore, south Korea, U.K., US imperialism, USA, USA 21st Century Cold War, Vietnam on April 5, 2015 by Zuo Shou / 左手

By Mike Head
4 April 2015

Having suffered a decisive defeat in its efforts to block other countries from joining the new China-led Asian Infrastructure Investment Bank (AIIB), the US government faces mounting difficulties with regard to its most far-reaching move to dominate the Asia-Pacific region: the so-called Trans-Pacific Partnership (TPP).

In Hawaii last month, the latest round of five-year-long TPP talks between the 12 governments involved broke up without any further agreement. For the third year in a row, the White House’s deadline for a final deal looks set to be breached in 2015.

Significantly, the main stumbling block this time was reportedly not ongoing differences between the US and Japan over auto and agricultural markets, but doubts over President Barack Obama’s capacity to get congressional approval for the pact.

Falsely presented as a “free trade” deal, the TPP is the opposite. It is aimed at creating a vast US-controlled economic bloc. In return for favoured access to the US market, which is still the largest in the world, the TPP requires its members to scrap all legal, regulatory and government impediments to American investment and corporate operations.

The TPP is an essential component of Washington’s military and strategic “pivot” to Asia, aimed at establishing unchallenged hegemony over the region, including China, which has thus far been excluded from the treaty. The “partnership” seeks to restructure every aspect of economic and social life across the Asia-Pacific in the interests of Wall Street finance capital and the largest US corporations, particularly the IT, pharmaceutical and media conglomerates.

A similar drive is underway to incorporate the European Union into a Transatlantic Trade and I nvestment Partnership (TTIP) bloc. Like the TPP, the European treaty is being negotiated behind the backs of the international working class amid tight secrecy, with hundreds of the world’s largest corporations taking part.

Obama has resorted to blatant anti-Chinese rhetoric in a bid to overcome opposition to aspects of the TPP from sections of the Democratic and Republican congressional leaderships. In one recent interview, the US president declared: “If we don’t write the rules out there, China’s going to write the rules and the geopolitical implications of China writing the rules for trade almost inevitably means that we will be cut out or we will be deeply disadvantaged. Our businesses will be disadvantaged, our workers will be disadvantaged.”

Washington is concerned that other imperialist powers, such as Germany, Britain and Japan, could strengthen their positions in China at the expense of the US unless America “writes the rules” for world trade in the 21st century.

Global financial commentators are drawing attention to what is at stake. Under the headline, “Round two in America’s battle for Asian influence,” David Pilling wrote in the London-based Financial Times on April 1: “Washington’s attempt to lead a boycott of the China-led Asian Infrastructure Investment Bank ended in farce after Britain broke ranks and other nations from Germany to South Korea fell over themselves to join. If round one was a defeat for America, round two hangs in the balance.”

Pilling noted that the TPP’s exclusion of China, on the grounds that its economy was state-owned and centrally planned, was obviously concocted. “In a peculiar display of diplomatic contortion,” he wrote, “Vietnam — a country whose economy is as centrally planned and as rigged [sic] as the best of them — is somehow considered fit for entry.”

The Financial Times Asia editor pointedly added that the TPP was “just as likely to annoy America’s allies in the region as reassure them” because of its intrusive demands, which include the dismantling of state-owned enterprises, tendering restrictions, financial regulations, data protection rules and intellectual property laws.

Washington’s aggressive drive to establish the TPP and TTIP economic blocs marks a reversal of its post-World War II role, when the ascendancy of American industry permitted it to champion the reconstruction of its Japanese and European rivals, albeit always for its own benefit, including via the expansion of markets for its exports.

Today, amid the ongoing decline of US industry, its ruling elite depends increasingly on the parasitic activities of Wall Street, the exploitation of patents by Silicon Valley, Hollywood and the drug companies, and contracts for the supply of military hardware. These rapacious interests will most directly benefit from the TPP.

Many details remain secret, but pro-TPP lobbying efforts highlight the anticipated profit bonanzas. Mireya Solis of the Brookings Institution think tank stressed advantages such as “internationalisation of financial services, protection of intellectual property and governance of the Internet economy.”

US technology firms would benefit from a ban on requiring companies to house customers’ data within a specific country. “If we’re going to serve the customer of Malaysia from, say, a data center in Singapore, the data has to be able to move back and forth between those two countries,” Brad Smith, Microsoft general counsel, told the Wall Street Journal.

Central to the treaty are punitive Investor-State Dispute Settlements (ISDS) clauses, which permit transnationals to sue governments for losses allegedly caused by official policy decisions. WikiLeaks last month published a chapter of the TPP treaty showing that firms could bypass a country’s courts to obtain damages for changes in “environmental, health or other regulatory objectives.”

Apart from the US and Japan — the two biggest partners by far — the other TPP participants are Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

The willingness of many of these countries to make the required concessions to the US has been undermined by Obama’s failure to secure support for a Trade Promotion Authority (TPA) bill so that he can sign the TPP and then have it ratified by Congress with a single “yes” or “no” vote. Without TPA, Congress could force amendments to the negotiated pact, effectively rendering the agreement void.

According to a Japan Times report: “Several negotiating partners, including Canada and Japan, have publicly stated they will not put their final negotiating positions on the table until Congress grants TPA for the Obama administration. With a presidential election looming in the United States, further delay creates a real risk of TPP being delayed until 2017.”

Much of the US congressional resistance is bound up with protectionist lobbies, based on national-based industries and their trade unions. In response, the Obama administration is ramping up a campaign that explicitly spells out the expected benefits to corporate America.

On March 30, the White House published letters from former senior economic officials, including 10 ex-commerce secretaries representing every administration, Democratic and Republican, since 1973, urging congressional leaders to give Obama TPA authority.

The commerce secretaries stated: “Once completed, the Trans Pacific Partnership (TPP) and the Transatlantic Trade and Investment Partnership (TTIP) will give the United States free trade arrangements with 65 percent of global GDP and give our businesses preferential access to a large base of new potential customers.”

This demand for “preferential access” by US imperialism threatens to break up the world economy into the kind of rival blocs that preceded World War I and World War II.

Edited by Zuo Shou

Article link: http://www.wsws.org/en/articles/2015/04/04/tppo-a04.html

AIIB, a paradigm power shift [Xinhua]

Posted in Beijing, Brazil, BRICS - Brazil, Russia, India, China, South Africa, China, Early 21st Century global capitalist financial crisis' US origins, Economic crisis & decline, Economy, France, Germany, India, Italy, Malaysia, Pakistan, Russia, Singapore, South Africa, Taiwan, US imperialism, USA, Wall Street on April 2, 2015 by Zuo Shou / 左手

BEIJING, March 31 (Xinhua) — …As of 6 p.m. Tuesday, 46 countries had applied to be founders of the bank, but the United States and Japan have remained on the sidelines. The financial authority of China’s Taiwan said on Tuesday afternoon that the island has submitted a letter of intent on joining the mainland-proposed AIIB. Founders will be finalized on April 15.

TIMELINE

The bank was proposed by Chinese President Xi Jinping in October 2013.

A year later, and 21 Asian nations, including China, India, Malaysia, Pakistan and Singapore had signed an agreement to establish the bank, headquartered in Beijing.

On March 12, 2015, Britain applied to join the AIIB as a prospective founding member, the first major western country to do so. France, Italy and Germany quickly followed suit.

Other nations will still be able to join the bank after the deadline, but only as ordinary members.

Negotiations on the AIIB charter are expected to conclude in the middle of the year and the bank should be formally established by the end of this year.

BUILDING FOR SUCCESS

As its name suggests, the AIIB will finance infrastructure–airports, mobile phone towers, railways, roads–in Asia.

There is a yawning infrastructure funding gap in Asia. The Asian Development Bank (ADB) pegged the hole at about eight trillion U.S. dollars between 2010 and 2020.

The World Bank and Asian Development Bank are more focused on poverty reduction and their funds alone are insufficient to bridge the gap, according to Hans-Paul Burkner, chair of the Boston Consulting Group.

While both the ADB and World Bank focus on a broad range of development programs including agriculture, education and gender equality, the AIIB will concentrate on infrastructure alone. The IMF, World Bank and ADB have all welcomed the AIIB initiative and see room for collaboration

The bank will have an authorized capital [of] 100 billion U.S. dollars and the initial subscribed capital is expected to be around 50 billion dollars. Although hardly enough to meet demand, it will still be a helpful boost.

GOOD FOR ASIA; GOOD FOR ALL

As the first China-proposed multilateral financial institution that has included developed nations as members, the AIIB offers an opportunity to test China’s ability to play its role as a responsible country, analysts said.

The initiative followed years of frustrated attempts to reform the existing international financial institutions, which have failed to reflect the changing landscape of global economy.

The existing economic system, shaped by the Bretton Woods agreement seven decades ago, is dominated by western countries and increasingly unrepresentative of the world’s economic architecture. Since the global financial crisis, emerging markets are becoming the main development drivers. Asian countries now make up one third of the global economy.

As global economic power shifts to emerging markets, it is only fair that they should play a bigger role in global institutions. Burkner said, “if it is not happening, then it is important to create additional institutions which, to some extent, cooperate and compete with existing institutions.

“There will be cooperation and also some healthy competition with the ADB and the World Bank.”

Good for Asia; good for the world as a whole.

Jin Liqun, secretary general of the interim secretariat of the AIIB, regards the bank as a complement to, rather than a substitute for, the World Bank and the ADB. It will improve the existing international financial system, not overturn it, Jin said.

The AIIB is just the start. Jim O’Neil, coiner of the BRICs acronym and former chairman of Goldman Sachs Asset Management, believes there are plenty more areas where China needs to be drawn in.

With its Belt and Road initiatives, the AIIB and other entities (a joint development bank with BRICs partners Brazil, Russia, India and South Africa, for example) China is trying to make its own development beneficial to the whole continent.

After over three decades of fast expansion, benefiting from globalization and opening-up, China can now share the fruits of its development and build a “community of common destiny” through international and regional cooperation.

INTO THE UNKNOWN

Even after membership is finalized, many questions will remain. How will the AIIB be governed? What will be the decision-making process be? Wha t lending criteria will it adopt? Will its policies be transparent and address issues like the environment?

The answers to those questions will determine whether the bank stands or falls.

While details are pending, China has repeatedly stated that the AIIB will uphold high standards and learn from the best practices at existing multilateral financial institutions.

During an interview with Xinhua, Lou Jiwei said the bank will have a three-tier structure — a council, a board of directors and management, as well as a supervising mechanism to ensure sufficient, open and transparent policy-making.

The prime challenge for the AIIB is how to channel funds to the most productive projects while maintaining security of repayment.

Zhang Yuyan, chief of the institute of world economics and politics at the Chinese Academy of Social Sciences, a government think tank, believes that, since infrastructure projects usually have long funding cycles and great potential for waste, sustainable profitability will be the real test of the AIIB.

Rigorous consultation and skillful management to coordinate and balance various demands and interests among members will be of the essence, Zhang said. This will be challenging at the very least, with so many histories, cultures and development stages on show.

Edited by Zuo Shou

Article link: http://news.xinhuanet.com/english/2015-03/31/c_134114065.htm

Why U.S. rulers fear new Asian investment bank “AIIB” [Workers World]

Posted in Africa, Bill Clinton, Bolivia, China, China-US relations, Economy, Ecuador, France, Germany, IMF - International Monetary Fund, Indonesia, Italy, Japan, Liberia, Neo-colonialism, U.K., US imperialism, USA, USA 21st Century Cold War, Venezuela, Wall Street, World War II on March 28, 2015 by Zuo Shou / 左手

By Deirdre Griswold March 24, 2015

Britain, France, Italy and Germany have agreed to join China in establishing an Asian Infrastructure Investment Bank. China has already announced it will put up $50 billion in initial capital.

It is too early to say what role this bank will play in helping underdeveloped countries modernize their infrastructure. Negotiations among the principals on the bank’s structure and policies are expected to take place for at least a year. What will emerge cannot be predicted at this time.

But one thing is very clear: Wall Street and Washington are fuming over the fact that the European imperialist countries are joining in, despite strong U.S. pressure to stay out.

Criticism of the new development bank by the U.S. has begun, with government officials telling the media they fear it will undermine the “good work” done by the International Monetary Fund and World Bank, which, they say, have aided developing countries while imposing regulations to protect the environment and help the poor.

You’re choking on this outrageous lie right now? So are we.

Tons of both popular and scholarly analyses of these institutions, and especially of the “structural adjustment programs” they have forced down the throats of poor countries, show that the kind of “development” they foster has usually done just the opposite: stripped countries of needed government services, increased their indebtedness and hurt the environment, all to benefit the financial institutions of the imperialists.

Take the West African countries of Guinea, Liberia and Sierra Leone, for example, which have been going through the most horrific public health emergency caused by the spread of the Ebola virus. These countries are so poor that, even after Liberia declared an end to new cases, a televised news report on the return of a score of students to classes pointed out that their grammar school, which when full serves 1,000 students, has no electricity and no running water.

On Dec. 22, The Lancet, a preeminent British medical journal, published a commentary called “The International Monetary Fund and the Ebola outbreak.” It reads: “A major reason why the outbreak spread so rapidly was the weakness of health systems in the region. … Since 1990, the IMF has provided support to Guinea, Liberia and Sierra Leone, for 21, 7 and 19 years, respectively, and at the time that Ebola emerged, all three countries were under IMF programs. However, IMF lending comes with strings attached — so-called ‘conditionalities’ — that require recipient governments to adopt policies that have been criticized for prioritizing short-term economic objectives over investment in health and education.”

The authors add that “economic reform programs by the IMF have required reductions in government spending, prioritization of debt service, and bolstering of foreign exchange reserves.” In other words, recipient countries — which should be receiving reparations for all the wealth extracted from them by colonial rule — have instead been forced to cut back on health care, education and other services in order to pay interest on loans.

* Bretton Woods, the IMF and World Bank *

Why does the U.S. ruling class feel particularly threatened by this new China-headed development bank? Because U.S. banks have dominated the financial architecture of the capitalist world for decades. The U.S. emerged from World War II as the undisputed global industrial and financial powerhouse, while Europe and Japan were in ruins and all regions involved in the world war were suffering.

The intention of the U.S. imperialist ruling class to translate its military and industrial muscle into financial domination over the rest of the world was made clear even before the war ended, with the founding of the International Monetary Fund and the World Bank at the Bretton Woods Conference in 1944. This conclave in New Hampshire of the soon-to-be-victorious Allied powers was dominated by Washington and London. It established the “tradition” that the president of the World Bank would always come from the U.S.

One can read many critiques of these institutions. One was an interview by Greg Palast with Joseph Stieglitz, a former chief economist of the World Bank, member of Bill Clinton’s cabinet and chair of his Council of Economic Advisers who turned against his former bosses.

Stieglitz told Palast that when nations are “down and out, [the IMF] squeezes the last drop of blood out of them. They turn up the heat until, finally, the whole cauldron blows up.” He referred to these social explosions as “IMF riots,” pointing to what happened when the IMF eliminated food and fuel subsidies in Indonesia in 1998, when it made Bolivia increase water prices in 2000, and when the World Bank imposed a rise in cooking gas prices on Ecuador in February 2001. (“IMF’s Four Steps to Damnation,” The Observer, April 29, 2001)

In Guinea, Liberia and Sierra Leone, the people have tried to get rid of governments that served as tools of these imperialist-dominated financial institutions and have looked for other ways to climb out of poverty. In Latin America, the result has been ALBA (Bolivarian Alliance for the Peoples of Our America) — an alliance of countries, led by Venezuela, that is trying to break free of the stranglehold over their economies imposed by U.S. imperialism for nearly two centuries.

The anti-colonial revolutions that began in Asia in the 1930s and spread throughout the so-called Third World in the 1950s and 1960s drove out the structures of direct colonial rule. Bretton Woods was the answer of the imperialists: Keep the masses of people enslaved to the banks.

Washington’s objections to the new Asian Infrastructure Investment Bank have nothing to do with anything except the fear of U.S. capitalists that they could be losing their grip on what has been their main tool for world domination. As a backup, of course, they have the Pentagon, making the struggle against imperialist war ever more urgent.

Article link: http://www.workers.org/articles/2015/03/24/why-u-s-rulers-fear-new-asian-investment-bank/

Yahoo to exit from Chinese mainland market [China Daily]

Posted in Beijing, China, Economy, Employment, Hong Kong, India, Taiwan on March 21, 2015 by Zuo Shou / 左手

2015-03-20 /By Emma Gonzalez and Meng Jing

~Closure of Beijing R&D center expected to result in as many as 300 job losses~

Yahoo Inc is set to completely exit from China this year, after the United States-based technology giant said it was shutting its research and development center in Beijing.

The company’s decision to end its only physical presence in the Chinese mainland could eliminate as many as 300 jobs, industry sources said on Thursday. Yahoo, however, declined to specify the actual number of jobs that would be made redundant.

“We are constantly making changes to align resources, and to foster better collaboration and innovation across our business. Today (Wednesday) we informed our employees based in Beijing that we will be closing our office there,” a statement said.

The workers, mostly engineers, will be relieved from their posts by the end of this month, according to The South China Morning Post.

Richard Kramer, the London-based managing director of Arete Research, an equity research firm, said: “The mainland has not been a major part of Yahoo’s strategy for many years, even though the company has good legacy businesses in Hong Kong and Taiwan”.

The company’s announcement, however, did not surprise most industry experts, as they feel that company has been under increasing pressure from shareholders to reduce costs and improve profits.

Yahoo’s other two R&D facilities, one located in its headquarters in California and the other in Bengaluru, India, have also been affected by job cuts in recent months.

Neil Shah, research director at market research firm Counterpoint, said: “The writing was very much on the wall. Since the end of 2013, Yahoo had started scaling down its services in the Chinese mainland and it was about time to reduce the unwanted resources not contributing to any revenues.”

This year has been tough for foreign technology companies operating in the Chinese mainland as they face increasing competition from stronger local firms. In February, Microsoft announced that it would close two factories and lay off around 9,000 workers. Also in February, social gaming company Zynga decided to close its studio in Beijing.

Underperforming search business vis-a-vis local firms like Baidu, as well as overall corporate streamlining of operations to close down unprofitable centers, are some of the reasons why Yahoo has decided to close the Beijing office, said Shah from Counterpoint.

Will Tao, an analyst at consulting firm iResearch, said: ‘The salary of Chinese developers is now higher than their Indian counterparts. Therefore, it was just a matter of time for it to happen…”

Excerpted; full article link: http://www.chinadaily.com.cn/beijing/2015-03/20/content_19864173.htm

Marxism key to problem solving: Xi [People’s Daily]

Posted in China, Corruption, CPC, Deng Xiaoping, Economy, Employment, Environmental protection, Mao Zedong, Reform and opening up, Socialism with Chinese Characteristics on March 3, 2015 by Zuo Shou / 左手

(Global Times) January 26, 2015

~Ideology a theoretical tool to unite officials in time of change: analyst~

Chinese President Xi Jinping’s recent stress on dialectical materialism has brought about a resurgence of Marxist ideology as the theoretical foundation of the Communist Party of China (CPC) amid the nation’s deepening reform, said observers.

Xi, general secretary of the CPC Central Committee, said Friday that all CPC members should value ideological work and promote “core socialist values” as he presided over a meeting attended by members of the Political Bureau of the CPC Central Committee, reported the Xinhua News Agency on Saturday.

The president reiterated that China will remain at the primary stage of socialism for a long time to come. Through 30 years of reform and opening up, China has made breakthroughs in productivity, comprehensive national strength and people’s living standards, but the situation and challenges both domestically and abroad are changing.

“We should grasp new traits in new phases of development, and stipulate guidelines in accordance with reality,” Xi said, adding that ideology should be at the heart of the Party.

The meeting followed a previous session in 2013 when the bureau delivered a similar lecture on Marxist philosophy.

Dialectical materialism, a key tenet of Marxist philosophy along with historical materialism, is a philosophical approach that views all changes in the world as the result of conflicts between opposites.

The president said that dialectical materialism, a strand of Marxist philosophy, should provide CPC members with the right approach to problem solving as China continues on its path of reform and development…

…The CPC, founded in the early 1920s, has advocated Marxism and socialism with Chinese characteristics as an ideological guidance to strengthen and modernize China…

Excerpted; full article link: http://en.people.cn/n/2015/0126/c90785-8840860.html

China unveils policies to revitalize northeast [Xinhua]

Posted in China, Economy, Employment, Heilongjiang Province, Housing, Jilin Province, Labor, Liaoning Province, Reform and opening up, State-owned Enterprise (SOE) on October 21, 2014 by Zuo Shou / 左手

BEIJING, Aug. 19 (Xinhua) — The Chinese central government announced an action plan to assist the northeast region’s staggering economy with a list of new measures.

The plan aims to free up private businesses, deepen reforms of state-owned enterprises (SOEs), develop modern agriculture, renovate urban rundown areas and launch dozens of infrastructure projects in the provinces of Liaoning, Jilin and Heilongjiang, according to the new measures announced Tuesday.

The 35 new measures, listed in a document by the State Council on its website, came as the northeastern regions saw the slowest economic growth among China’s provincial areas during the first half of this year.

China will speed up the construction of eight rail lines and build or expand 10 regional airports in the region, the document said.

SOEs are encouraged to sell part of their equities to private and foreign investors to build a mixed ownership system and pay for the reforms.

A new state-owned regional investment company will be established to hasten the reorganization of poorly run SOEs in the region, the document said.

The central government will support emerging industries including robotics, gas turbines, advanced marine engineering equipment and integrated circuits, as well as expanding the service industry of the region.

For traditional sectors such as agriculture, the document said the northeast provinces’ status as a core grain production base will be strengthened. Grain storage and logistical facilities will be improved.

The central government will fund the building of affordable housing and grain logistics facilities, included in a 60-billion-yuan (9.7 billion U.S. dollars) new credit reserve for shanty town renovation by the China Development Bank.

The document also named a few power transmission projects, nuclear power plant projects and heating projects to be initiated as part of a clean energy network in the region.

Once China’s industrial base, the northeast provinces relied heavily on SOEs to drive local economy but they fell short of the national economic growth of 7.4 percent in the first half of the year, with Heilongjiang’s GDP ranking at the bottom with an increase of just 4.8 percent during the period.

Editor: Luan

Article link: http://news.xinhuanet.com/english/china/2014-08/19/c_133568678.htm

Commentary: Better GDP growth beats “China Collapse” theory [Xinhua]

Posted in Anti-China media bias, Anti-China propaganda exposure, China, China-bashing, Economy, Employment on April 24, 2014 by Zuo Shou / 左手

BEIJING, April 17 (Xinhua) — Official data show that China’s GDP grew 7.4 percent year on year in the first quarter, 0.3 percentage point lower than the pace in the previous three months.

No sooner did Chinese statistical authorities release the figures than some merchants of doom pointed at the slowdown and whipped up a new round of gloom-mongering over the future of the world’s second largest economy.

But their claims that China’s economic impetus is fizzling out and that the Asian giant is headed for an economic hard-landing [sic] are baseless and misleading.

For starters, despite heavy downward pressure, China’s growth pace in the first quarter still exceeds the 7.3-percent market estimation and belongs to the top echelon across the world.

Factoring in Beijing’s strong-willed and game-changing endeavors in economic restructuring, the 7.4-percent rate remains within the reasonable range.

After all, it is natural for an economy to decelerate during structural adjustment, and the results of a better-structured economy and a more balanced growth pattern will make the downtick worthwhile.

As a matter of fact, an overwhelming majority of economic observers and pundits worldwide remain sanguine in China’s economy. Their optimism is shrewd and well-founded.

China’s efforts to boost domestic consumption have begun to pay off. As a manifestation of the increasingly large role of consumption spending, the household final consumption expenditure accounted for 64.9 percent of GDP in the first quarter.

In another sign of the great growth potential of the Chinese economy, official figures show that in the first three months traditional industries such as steel and cement were outpaced by high-tech industries, which constitute a pillar of future growth with mounting significance.

Meanwhile, with business activity picking up, China’s endogenous power of economic growth has gradually recovered. Employment is also improving, and foreign trade is making a turn for the better as the recovery [sic] of European and U.S. economies takes root.

After more than three decades of rapid economic growth, the Chinese government and public have both realized that pursuing growth at all costs is not good at all.

What China really needs is not an economy expanding at a blistering pace but one that grows in a sustainable and healthy manner at a reasonable and steady speed. And China is getting just that…

-Edited by Zuo Shou-

Full article link: http://news.xinhuanet.com/english/indepth/2014-04/17/c_133269741.htm

Also see related article: “China economy collapse theory fear-mongering: economist” [Xinhua] — http://news.xinhuanet.com/english/china/2014-04/21/c_133279125.htm