Translated by: MOS Health Team- Wenfei
On September 21, the Bank of America cut the Communist China economic growth forecast of GDP for 2021 from 8.3% to 8.0%, decreased the outlook for 2022 from 6.2% to 5.3%, and limited the expectation 2023 from 6.0% to 5.8%.
In sharp contrast, news broadcast in the Communist Chinese media falsely reported quite an optimistic GDP forecast. According to China’s official disclosure of data, the GDP of the first half of 2021 increased by 12.7% year-on-year. The Chinese Communist Party tried to cover up the withering economy, foreign trade, employment, and domestic consumption.
Evergrande Real Estate is heavily indebted and the claiming risk of debt default drives global attention, considering that the real estate industry accounts for a quarter of China’s economy. Meanwhile, bottlenecked supply chain, COVID epidemic, and the recently released weak numbers of retail and factory output all point out the unavoidable decline of China’s economy.
Bank of America analysts also noted, “Any further delay in policy response from the fourth quarter of 2021 to the first quarter of 2022 or mishandling of a major debtor default would potentially raise the risk of growth dislocation.”
Under the accelerated global decoupling from Communist China, its bubble economy won’t be sustainable after the falling of the first domino – real estate.
Proofread / Posted by: Brain Sanitizer
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