BEIJING, Dec. 19 (Xinhua) -- It is time for predictions about the coming year, and you are bound to hear more than a few scary prophecies about an imminent economic hard landing in China, triggered by a debt crisis, a bursting property bubble, financial turmoil and more..
It is an easy game, and these China bears have been selling imaginary fears for their own fame and fortune for a long time.
At the start of the year, Chinese devaluation and capital outflows gave rise to market concerns about an upcoming financial crisis.
A well known billionaire investor said "a hard landing is practically unavoidable," while a foreign commercial bank expected China's GDP growth to nosedive to 3 percent this year, and a think tank put China's economy crashing as the main possible crisis with a far-reaching global impact in 2016.
They were all wrong, of course.
The doom-and-gloom scenarios created headlines but failed to emerge. All the assumptions were false alarms. The country's growth rate this year appears set to hit about 6.7 percent -- beating almost all forecasters' expectations.
The current yuan depreciation due to the strengthening greenback has unsurprisingly given rise to a new round of bearish talk on the Chinese economy.
However, the chances of economic chaos are slim. Stability is high on the agenda for China's economic work next year as the tone of the recently concluded economic work conference suggested.
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