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BW Businessworld

Falling Bric By Bric?

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The great wall of china is the country’s symbol of impregnability, but now the Chinese economy — the most robustly growing in the world for more than a decade — is less likely to be able to withstand global shocks.

No, this is not an analysis by some Western analyst but the assessment of China’s government-owned newspaper, The People’s Daily.

Economists’ expectations that growth would pick up in the second half of the year are likely to be belied, according to some of the latest data; as things stand, the estimate of 8 per cent GDP growth in 2012 is the lowest in 13 years.

Some have pointed to recent stability, but the government-owned newspaper appears to demur:

“We do not think that signs of the economy stabilising means the most difficult time has passed and falling inflation does not mean we should sit back and relax inflation controls,” the paper said. Another BRIC to fall?

(This story was published in Businessworld Issue Dated 03-09-2012)