Word: gdp
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...central government has believed that as the demand for exports softened recently due to the global recession, the country's new middle class would continue to help GDP growth through consumption...
...which the Chinese GDP was going to roll forward to become the No. 1 economy in the world was relatively simple. An expanding global need for cheap goods would drive a massive export machine. An expanding middle-class would become rabid consumers of items made both overseas and within China...
...system was fool-proof. Even remarkably intelligent economists and journalists talked and wrote about "the Chinese Miracle." In 2007, the nation's GDP was $3.2 trillion, but was growing at 11%. U.S. GDP was well over $14 trillion that year, but its growth rate was 3%. It was only a matter of time before the lines crossed. (See pictures of China's wild side...
...that the government can mount and manage a plan to create about 10 million new jobs. This will be an even more difficult task if exports continue to fall sharply. China does not have a service industry which is anywhere close to being as large a part of the GDP...
...GDP in the U.S., E.U., and Japan contract at 5% this year, China's economy is very likely to shrink faster. It will be faced with a sharp drop in what it makes and exports. More importantly, large numbers of Chinese are leaving the huge new industrial cities and going back to rural regions where they can at least find work growing their own food. What is more than a trickle now could become a flood. Those who have gone back to non-industrialized sections of the country will not be net consumers...