China Economist Calls for Increased Domestic Consumption

Filed under: China, Politics, Currency

A member of the National Bureau of Economic Research, which announced Monday that the U.S. recession ended in June 2009, told The New York Times (NYT) the U.S. economy must grow at a 2.5% rate just to keep the unemployment rate, currently 9.6%, constant.



By extension, the world's largest economy will need upwards of 2.7% U.S. GDP growth annually -- probably closer to 3% growth -- to substantially reduce unemployment.



How about getting millions of China's new middle class to contribute to that growth? Li Daokui, an economist and an adviser to the People's Bank of China, agrees, at least regarding consumption by China's consumers.

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China Economist Calls for Increased Domestic Consumption originally appeared on BloggingStocks on Mon, 20 Sep 2010 16:40:00 EST. Please see our terms for use of feeds.

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