Great Engine of China Slows

The New York Times writes about factories in China sitting idle, in a sign that an economic slowdown has hit:

It is happening faster than most anyone predicted: China’s economy, long the world’s fastest-growing major economy, is slowing down. are forecasting that after growing nearly 12 percent last year, China’s economy could slow to 5.5 percent in the fourth quarter of this year — a stunning retreat for a country accustomed to boom times.

Last week, banking began warning about the risk of accumulating, and labor publicly worried about the possibility that mass layoffs would lead to unrest.

[…] The American recession is one big reason China’s epic economic growth is imperiled: as Americans buy less, China sells less. And China’s own efforts to keep its economy growing, through a stimulus package worth nearly $600 billion, may not replace a falloff in American demand as the ’ recession deepens.

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