China and the global recession

[MarxSchmarx]

Well there you have it, folks.

The officially Marxist-Leninist Communist Party of China is being viewed as the saving grace of global capitalism in some circles:

http://www.google.com/hostednews/ap/article/ALeqM5h3kgMAkbLwyfxBdjzw8Pc4KZ7DhQD96N6GKG0

OK this sucks ass but to what extent can the Chinese government, and the Chinese economy, pull the world out of the recession and re-ignite economic growth?

Is this even possible, given the utter penury under which most Chinese live, and the infrastructure of China still being one of a developing country?

More long term, do comrades feel a China-led recovery possible or even plausible? If so, what implications will this have for the Chinese-led new global economic order? Or is China too intricately tied to the global north to be able to pull itself out of the global recession on its own?

[Die Neue Zeit]

I would think that it depends primarily on their investment activities in the African continent, all done while Western countries keep ignoring that devastated continent.

[ckaihatsu]

Global stocks tumble, GM is sinking, No help from troubled China"]

[From http://news.bbc.co.uk/2/hi/business/7927409.stm]
Page last updated at 00:08 GMT, Friday, 6 March 2009

[...]

Sacha Tihanyi, analyst at Scotia Capital, said: "Expecting Chinese stimulus to provide a boost to global economic fundamentals and help drive a sustainable rally in equities is somewhat like putting the cart before the horse."

"In fact we'd only half jokingly suggest that for Chinese stimulus to work immediate wonders in boosting China's economy, they might be better off giving stimulus funds to the West to subsidize consumption of imported Chinese goods."


Isn't this part hilarious and ironic? -- now that the supply side is a competitive, creditor foreign nation the economists *don't* support supply-side voodoo economics any more...!

(Hahahahahahahahahahaha!!!)


Chris



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