Over the weekend, President Xi Jinping has told the people of China to get used to slower growth, which has diffused expectations of a possible stimulus as many believed would soon be launched. The President's comments follow a 7.4% decrease in economic growth the last quarter. In an attempt to combat heightening unemployment rates, the government has increased spending on building railways and other public works, but other leaders have ruled out further stimulus. Xi's comments have only confirmed China's latest indications of declining trade and manufacturing rates. The president also commented that the government will be focusing on more long-term attempts at stabilizing economic growth.
-Ambrielle Barker
http://www.nytimes.com/aponline/2014/05/11/world/asia/ap-as-china-economy.html?ref=world
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment