by Wolf Richter
Wolf Street
Don’t count on us, it said.
It’s fascinating how Wall Street soothsayers and American industrial companies, such as automakers, hype the Chinese economy, even as Chinese government officials are getting cold feet about their economic miracle, as they’re gradually figuring out what’s going on in their construct. And now, they’re trying to prepare the world for what they see coming.
With economic growth down to the official rate of 6.7% in the first quarter, the slowest official growth rate since the Financial Crisis, soothsayers are busily pointing out that it’s still astronomical compared to the growth rates – if you can call them that – in the US, Europe, and Japan.