Los Angeles Times, 3 Nov 2008, Don Lee
"China's industrial decline is a main factor in the sharp economic slowdown of late. The nation's gross domestic product grew at an annual rate of 9% in the third quarter, the lowest in five years and worse than what analysts had forecast. China's GDP expanded 11.9% last year. Now, economists worry that the one big remaining engine of global growth is rapidly losing steam.
Chinese leaders are trying to maintain stable and fast growth to control rising joblessness and the risk of political and social turmoil. Last month, Beijing increased tax rebates for many exported goods and pledged to take other steps to spur development, including prodding banks to boost lending to small companies. But many businesses and analysts are not optimistic.
"Honestly, I think whatever measures government would take at the current stage would not turn around this trend," said Ye Hang, an economics professor at Zhejiang University. "The government can only try its best to put out a fire here and there.""
Read More
