WSG’s big claim about China’s economy, said- China’s economy is in crisis, its economic model has “collapsed”
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The report quoted data from the Bank for International Settlements as saying that the total debt, including various levels of government and state-owned companies’ debt, had reached nearly 300 percent of China’s GDP by 2022, surpassing the US level. . This was less than 200 percent in 2012.
Washington. China’s economy, the world’s second largest, is now in deep trouble and its 40-year successful growth model has crumbled. A major daily newspaper of America said this in its news. The ‘Wall Street Journal’ (WSG) wrote in its big news on Sunday that economists now believe that China is entering an era of very slow growth. The situation is made worse by unfavorable demographics and growing distance with the US and its allies, which is threatening foreign investment and trade. It was said in the news that this is not only a period of economic weakness, but its effect can be seen for a long time.
“Now the (economic) model has crumbled,” said the Financial Daily. The Wall Street Journal quoted Adam Toze, professor of history at Columbia University and expert on economic crises, as saying, “We are in the midst of the worst crisis in economic history.” Looking at dramatic change. ”The report quoted data from the Bank for International Settlements, which said that the total debt, including the debt of various levels of the government and state-owned companies, will reach about 300 percent of China’s GDP by 2022. which exceeded the US level. This was less than 200 percent in 2012.
On the other hand, China’s National Bureau of Statistics (NBS) said in June that China’s gross domestic product (GDP) grew by 5.5 percent year-on-year in the first half (H1) of 2023. China’s GDP in the first half stood at 59,300 billion yuan.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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