China’s Economy on a Treadmill!
The head of China’s central bank said Monday the country’s economy was on the mend and expressed confidence that a government target of 8 percent growth this year would be met. Zhou Xiaochuan, governor of the People’s Bank of China claimed that the economy was on a upturn. Beijing has sought to insulate China from the global recession with a 4 trillion yuan ($586 billion) stimulus plan that calls for higher spending on construction of highways and other public works. Beijing is the world’s largest holder of U.S. debt, which it purchases with its vast foreign currency reserves.
Although Zhou feels that the econmy of China is stabilizing and is actually taking a turn for the better, can we really take his statement literally?
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