, Columnist
China Won’t Save the World Economy This Time
Beijing played a pivotal role in reviving global growth after recessions in 2001 and 2008. Things are very different now.
A caged bull.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
U.S. recession indicators are growing stronger and there's one bigger-than-usual reason why the world should be worried: China isn't coming to the rescue this time.
In the past week alone, a gauge of U.S. manufacturing unexpectedly fell to its weakest reading in a decade and payrolls at private companies grew less than forecast. Economists are starting to wonder whether the U.S. has approached so-called stall speed, the slowest pace of growth without careening into a recession. The International Monetary Fund, meanwhile, will likely downgrade global growth estimates this month.