Xi Jinping’s Remedy for China’s Economic Gloom Has Echoes of Reagan – The New York Times

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Photo above: “Steel pipe products in China’s Hebei Province. China’s steel production has “become completely untethered from real market demand” and amounts to more than double the combined production of the four next biggest producers: Japan, India, the United States and Russia, according to a new report on China’s production overcapacity released by the European Union Chamber of Commerce in China.”Credit Kim Kyung-Hoon/Reuters via NYT

“China’s steel production, for example, has “become completely untethered from real market demand” and amounts to more than double the combined production of the four next biggest producers: Japan, India, the United States and Russia, according to a new report on China’s production overcapacity released by the European Union Chamber of Commerce in China.”

This story reports that 30 million Chinese in steel and coal sector, 15%, might get laid off in next two years.

U.S. threatens 260% tariff on Chinese steel being…

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Signs, Long Unheeded, Now Point to Risks in U.S. Economy – LANDON THOMAS Jr., NYT

“What was driving weakness in all these countries was the gradual slowdown in the Chinese economy. As China bought less steel from Brazil, iron ore from Australia (its stock market was down by 22 percent during this time frame) and less mineral fuel and oil from Indonesia, the effect on these economies was immediate.

When it comes to warning indicators from China, there are many from which to choose. One is that, according to their 2014 balance sheets, four out of five of the world’s largest banks are Chinese. Or one could choose the Chinese debt ratio, which McKinsey & Company has estimated to be over 280 percent of the country’s total economic output.”

via Signs, Long Unheeded, Now Point to Risks in U.S. Economy – The New York Times.