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China slowdown much more severe than understood – China faces deepest depression in the world
China faces grave economic depression. Little is understood about Chinese economic internals. It was never as rosy the western financial pundits (hope they are right ever!) proclaimed for decades. China falsified real growth to attract more outsourcing and direct foreign investments in dollars and euros for decades. Now it faces worst financial crisis in any country in the last four hundred years.
Signs of a slowdown in China are spreading, with weak economic data for October illustrating why the government hurried to announce its massive stimulus plan. New data announced Tuesday show slowing imports, weakening home prices and a drop in export orders, all pointing to a sharp decline in activity that will take time to reverse.
Growth in China's exports continued to moderate last month, as demand from big markets like the U.S. weakened. China's customs administration said merchandise exports rose 19.2% in October from a year earlier, down from a 21.5% increase in September.
Signs of Chinese economic distress is clearly evident from its country side. China may have to use up all its excess currecy reserves in infrastructure build up projects in the next several years. It will not be enough. China will fall into a deep deflation driven depression for decades to come.
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