This is one more story i followed during my summer vacations.well many think that china is on road to whooping development that it will surely surpass Uncle Sam within ten years or sooner with soaring growth rates per quarter.This has indeed raised many eyebrows of the economists worldwide . The auguries of overheating have been evident from past two years but chinese officials as always keep denying the facts like an obtuse minded herd of morons.The china is set to become the biggest emitter of green house gases within next two years the sky in beijing still looks yellow with sulphur di oxide.
Continuing on its trend of china's second quarter growth rate was astonishingly high at 11.1% following 10% rate in first quarter of the year. the chinese economists are very felicitous about these figures but they seem to ignore the basic symptoms of overheating wen they started a year ago when their stock indices came crashing down by 1% and chinas main share index closed at 4.5% lower amid interest concerns and the famous 9% slump in Shanghai stock exchange shook the markets world over. The indication of shooting inflation can be seen in the fact that the food prices in china during the month of june rose up by 10% most of which was a low quality nutrition and so as a result the drug prices soared up by 3.1% .( Source BBC)
The basis of chinese economy has been a simple rule " Produce more, sell more, quality may go down the drain" thats y chinese goods keep flooding the markets world over and we all know what is their reliability and the chinese people seem to getting taste of their medicine because of such a large sized economy the regulatory authorities are always having a tough time in maintaining the standards and the problem is that if the authorities shut one or more industries they just come up again with different names and thus spreading like a weed.The recent hype over chinese toys only aggravates the grave situation when all the developed countries decided to say no to chinese toys due to lead paint on them and so the ships were mere a part of water traffic jam on US ports and the recent cases of money laundering are not helping china either. Well these are clear cut indications of what the real picture and still chinese national bureau of statistics say "We will change the pattern of economic growth ".
Lol what a big joke........ so next time u see any article regarding china's whooping growth just think what all goes into that high rate :) ....
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