More proof that China can't survive by stealing American jobs.
Like I keep saying, our vein is running dry. We've got nothing left for them to take.
An economy that depends on huge exports is inevitably a doomed one. Other nations that depend on exports, especially to the USA, are also going to find themselves in deep shit.
The great and mighty Globalism will collapse because production will be forced to go more local and less global. Oops.
Ouroboros.
http://finance.yahoo.com/news/chinas-leaders-face-tough-economic-055603673.html
BEIJING (AP) -- China's economic model that delivered three decades of double-digit growth is running out of steam and the country's next leaders face tough choices to keep incomes rising. But they don't seem to have ambitious solutions. Even if they do, they will need to tackle entrenched interests with backing high in the Communist Party.
The cost of inaction could be high. The World Bank says without change, annual growth could sink to 5 percent by 2015 — dangerously low by Chinese standards. Some private sector analysts give even gloomier warnings.
The government's own advisers say it needs to promote service industries and consumer spending, shifting away from reliance on exports and investment. That will require opening more industries to entrepreneurs and forcing cosseted state companies to compete. State banks would have to lend more to private business that is starved for credit.
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