In today’s economic climate, every government is doing their best to not only show a brave front, uphold the facade as well as try to portray themselves capable of taming this wild bear. It is therefore very interesting seeing the difference between the various news coming out from US as well as China.
In the US it’s bungled misinformation while in China, it’s controlled misinformation. Premier Wen Jiabao has come out saying that China’s 8 percent growth target for this year is within reach, indicating the government doesn’t see the need to increase a 4 trillion yuan ($585 billion) economic stimulus. It’s “possible for us to meet this target,” Wen told delegates in his annual speech to China’s parliament in Beijing today. The nation needs to “reverse the economic slide as soon as possible.”
I guess if you believe in it often enough, pretty soon it becomes true is the order of business in China. Yet the big question is can China truly contain this increasing bleak recession. With exports plummeting, property prices still too high, millions of workers jobless, factories closing all be solved by just turning around exporting to stimulating internal consumption?
The whole world is watching and hoping that China pulls THE GREAT ESCAPE OFF, hopefully dragging some
of them along for the ride. Such is the irony that we see ourselves in.
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