At 8.3% ....
China's March inflation moderated slightly, from the 8.7% of
February. GDP growth, however, dropped to 10.6%. In the past
five years, a one-point drop in GDP translates into slightly
under 1 million job loss.
For stability, top economists counsel growth at all cost.
But against a backdrop of worldwide economic slowdown on one
hand and sky high global commodities and food prices, that's
easier said than done.
Higher production costs will certainly put a crimp on ex****t
in the foreseeable future. New upstarts such as Vietnam will
also dim her prospect for continued stellar growth.
Sizzling food prices, which soared 21%, remains a hot potato
for China's ruling elites. Rents also went up 6.6%. When one
juxtaposes that against the macro economic piecture of stag-
nant wages, one can feel the explosive social tension.
Like the think smog over BJ, it is palpable ....
Regards,
Albert K. Fung
Casa Tres Palmas, Santa Ynez, California, USA.
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