Time To Throw In The Towel? China Hints At Lower Growth
In "not very exciting but nonetheless important" news, PBoC adviser Huang Yiping has gone on record suggesting that Beijing adopt a "more flexible" GDP target range in the new year.
Although no one with any sense believes that China is growing at anywhere near a 6.5% clip, the Politburo has its story and they've generally stuck to it. Still, there's mounting pressure on the powers that be to take a more realistic approach when it comes to setting expectations.
One argument for lowering the gr
It has to be borne in mind that as the Chinese economy makes the transition to the service industry, it will become increasingly difficult to measure GDP growth. All one has to do is look at Italy, where the “black economy” has traditionally been about 20% of GDP. This is an estimate -:)