China’s economy expanded last year at 7.8pc – its slowest pace in more than a decade – and recent data has fuelled concerns that any rebound in the country’s growth is losing steam.
However, the OECD was upbeat, predicting in a new survey of China’s prospects that the country’s economy could expand by 8.5pc this year and by 8.9pc in 2014.
While the OECD noted the slowdown in China’s aggressive expansion, it nonetheless predicted that growth should average 8pc in this decade at current rates of investment and reform.
After allowing for price differences, it forecast that China could become the world’s largest economy, overtaking America, around 2016.
High debt is a drag on growth. You’re using sooo much money for debt service (paying interest) that could have gone to pay for more useful activity… education, roads, technology, etc.
China’s economy grew at nearly 8% last year. U.S.’s economy grew at less than 1/2 that. (Thanks Obamacare and businesses fearing other Obama policies.)
Also worth noting that this story NOT being carried by any major U.S. news organization save the Washington Post and CNN International. Not even a single link / page to the regular CNN site despite the story begin pick-up by Reuters news service. To ABC/NBC/CBS/MSNBC and yes, even Fox this story is not news worthy.