Econblog Review has criticized the easy and optimistic story that China is doing great and will be the next engine of growth in an important way for the global economy. Today, Bloomberg.com supports this view in one of the first mainstream articles to take this viewpoint, in China Sees ‘Grim’ Job Market, Deeper Impact From Global Crisis. The article begins:
June 3 (Bloomberg) -- China’s government said unemployment is worsening, a quick rebound in trade is becoming less likely, and the nation is yet to feel the full effects of a global slump.
The foundations for an economic recovery aren’t solid, the State Council said in a statement on a government Web site today. Trade faces “unprecedented difficulties,” Vice Commerce Minister Zhong Shan said separately.
Commodities are selling off, as are stock markets.
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