Reports on China in the Western press these days suggests a certain level of ‘schadenfreude’ (pleasure derived from the misfortunes of others).
An exception is the following piece by Bloomberg’s William Pesek –
http://www.bloombergview.com/articles/2014-10-27/it-s-time-to-give-china-some-time
Pesek wisely notes:
Pesek wisely notes:
“For now, the best
strategy for outsiders may be to look the other way, as best they can. Instead
of obsessing over every tick up or down in China’s GDP growth rate, the
investment world needs to give Chinese leaders time and space to implement the
reforms they’ve pledged thus far.
…
Xi's challenge was
clear last week when the global media convulsed over news China had grown the
slowest in five years in the third quarter. Editors and bankers tripped over
themselves to urge Beijing to do more to spur growth. This is what’s truly
hypocritical: Even though everyone acknowledges that China must stop
artificially pumping up its economy, markets panic at the slightest hint GDP is
losing altitude -- as if China were some giant company that must constantly
impress us.”
For those suspicious of China’s GDP figures, see research findings
of economists at the Federal Reserve Bank at San Francisco:
On the Reliability of Chinese Output Figures by JOHN FERNALD,
ISRAEL MALKIN, AND MARK SPIEGEL