Former U.S. Treasury Secretary Remarks on China’s Economic Shift to Deflation and Long-term Stagnation
According to 纽约时报中文网 (@nytchinese), the National Bureau of Statistics of China reported that the Chinese economy rebounded last year with a growth rate of 5.2%. However, from a long-term perspective, the economy faces challenges such as high levels of debt, a real estate crisis due to weakened confidence, and a shrinking and aging workforce that are dragging down economic output.
Western economists predict that China’s growth rate this year could fall below 4.5%, reflecting not just a cyclical decline but the possibility of long-term stagnation over several years. Former U.S. Treasury Secretary Lawrence H. Summers commented that “secular stagnation (slow growth due to excessive savings, deflation, asset bubbles, financial pressures) has shifted from the Western Hemisphere to China.”
据国家统计局，中国经济去年反弹，增速达到5.2%。但长远来看，高额债务、削弱信心的房地产危机以及不断萎缩和老龄化的劳动力人口都在拖累经济产出。https://t.co/cQvuzAtXnr
— 纽约时报中文网 (@nytchinese) January 17, 2024
User Reactions:
- Jawad Alam: “Great news 😃”
- 张大龙: “Face is a wonderful thing.”
- jerry han: “xpetxpetxpetxpetxpet”
- 閒雜人: “The New York Times really loves China. Always worried about China’s boasting and arrogance 😂”
- 张大龙: “I’ve been watching China for years, and it doesn’t collapse. That’s frustrating.”
- 飞翔的鱼: “What about America? Streets are overflowing with beggars and drug addicts.”
- 🇨🇳王怼怼🇨🇳: “If growth slows, they say it will collapse soon, and if it grows fast, they say it will collapse in the long term. These fools are really stupid.”
- chao-meng: “Any dog, desperate to find 💩 to please itself.”
- J.F.: “Whenever the Bureau of Statistics releases GDP data, the stock market crashes 😂”
These reactions reflect a mix of sarcasm, criticism, and support. They indicate varied perspectives on China’s economic state, with some users expressing skepticism about the official data and others defending China’s resilience and growth. The debate also touches on global economic comparisons and perceptions of China’s role in the world economy.