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NEWS > EVERYONE ELSE > WORLD BANK LOWERS FORECAST ON CHINA WHICH OF COURSE WILL NOT MAKE CHINA HAPPY
WORLD BANK LOWERS FORECAST ON CHINA WHICH OF COURSE WILL NOT MAKE CHINA HAPPY
October 9 2012
Washington, D.C. – No one doubts that in the near future China will become the world’s largest economy, at least in terms of volume. In fact in a few decades China will more than double the economy of the United States, albeit with five times the population.
That is remarkable for a whole host of reasons, not the least of which the fact that China just a hundred years ago was little more than a backwater nation with nothing even remotely resembling progress, wealth, or even a real government to speak of. The rise of China has certainly been impressive even for her critics.
Of course not everyone is as enthusiastic about the rise of nation, particularly the United States which is for the first time in a long time seeing its influence diminish. The success of China is of course inevitable, barring, say, and alien invasion but that doesn’t mean the United States or any other world body has to be happy about it including the World Bank which has just lowered its growth forecast on the country, something which of course will not make China happy, not one bit.
“China's slowdown this year has been significant, and some fear it could still accelerate. Economic momentum is expected to be weak during the coming months with limited policy easing, a property market correction, and faltering external demands,” said the World Bank in a statement in which they also reduced its growth from 8.2 to 7.7 percent for the year.
Part of that slowdown has been attributed to the global decline which has resulted in people buying less of China’s crap.
The majority of Chinese wealth has been based in manufacturing which is how they make that crap.
“Clearly the economic conditions around the world are not great and that was always going to affect China. It’s actually surprising that it took as long as it did and that the effect has been so limited which I guess actually speaks to the power of the Chinese economy on the whole so they shouldn’t get too ma at the World Bank,” said Scrape TV Economic analyst Michael Santino. “They are just measuring, not influencing, so people need to keep that in mind and not get too worked up about things. A measurement is not the same thing as creating the conditions, though it is the World Bank so they actually can influence things, pretty significantly actually.”
It’s not clear yet if the World Bank is actually working against China or for them, being all shady and all.
“I’m sure all of this is something the bosses in China fully realize as well. It’s not new news but it is certainly something they don’t want spilled all across the internet like this because that could make people nervous, or excited, whichever way you want to look at it,” continued Santino. “It really doesn’t matter if it takes another few months to reach the top because it is going to happen no matter what anyone thinks unless the country is hit with a comet or a disease that only kills Chinese people. That would certainly inhibit growth but even then it would likely only be a slowing, not a stopping. China’s a pretty big deal now.”
Chinese officials declined to comment, preferring to fume in private.
Emil Uliya, International Correspondent
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