China Beige Book shows that the economy slowed this quarter as growth in manufacturing and transportation weakened - contrary to official government figures...
China Beige Book shows that the economy slowed this quarter as growth in manufacturing and transportation weakened - contrary to official government figures indicating an expansion pickup. The quarterly report by New York-based China Beige Book International is based on responses from 2,000 people and 32 in-depth interviews conducted in September. The China Beige Book results diverge from government figures showing faster factory-output gains in July and August. Jim Chanos, founder of Kynikos Associates, is skeptical about China's improving economic growth and maintains bearish bets on the nation's banks. My caution is related to the credit-driven model, says Chanos, who predicted the collapse of Enron. While Chanos predicts a credit event in five years as China fails to keep the same pace of loan growth, Jim O'Neill, former chief economist at Goldman Sachs, says the economy will double in five years to $16 trillion. (VIEW LINK)
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