Why China Is Suddenly Content With 7.5 Percent Growth
For years, there’s been one constant for people talking about the Chinese economy: GDP growth would exceed 8 percent. It didn’t much matter what happened in the rest of the world—the U.S. and other export markets might be thriving or might be struggling, but China would grow at least 8 percent, year in and year out. The country needed to create enough jobs for the millions of young people entering the workforce every year, and the Chinese leadership decided that anything below 8 percent would put job creation in jeopardy. And the policy makers were consistent: The last time China had a growth target below 8 percent, George W. Bush was still in his first term and the Boston Red Sox still hadn’t broken the Bambino’s curse.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.
- Smartphones Are Killing Americans, But Nobody’s Counting
- Why a Pub in the Middle of Nowhere Was Named the World’s Best Restaurant
- Gulf Coast Oil Spill May Be Largest Since 2010 BP Disaster
- Racist Outburst Prompts Faber’s Exit From Three Company Boards
- Airbus Snaps Up Bombardier Jet in New Challenge to Boeing