China Panics over Tanking Economy


China’s state-run Global Times on Thursday strove to portray an “unprecedented national video teleconference on stabilizing the economy” with over 100,000 participants held by the State Council as the Communist government putting a firm hand on the economic tiller, but it looked more like a sign of growing panic in the regime.

The Global Times complained about Western media “badmouthing the Chinese economy” by reporting that growth could slow to two percent in 2022, well below the projected 2.8 percent growth of the dismaying U.S. economy. 

China’s growth target for the year was 5.5 percent. The Chinese economy has not grown more slowly than the U.S. economy since 1990.

“Pessimistic predictions from the Western media about China have never turned out to be accurate, probably because their views about the Chinese economy have been distorted so much by their ideological bias and long-established political position that they are unable to understand the world’s second-largest economy,” the Global Times huffed.

The editorial insisted foreign investors are still eager to pour money into China – a debatable assertion the Global Times could only try to support by citing foreign capital totals from 2021, long before China’s manic coronavirus lockdown in Shanghai started making overseas investors nervous.


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