The following article by John Ross sets out the disastrous effects on countries following neo-liberal economic policies – including in Latin America, Europe, and the US. It also analyses the errors in economic theory of neo-liberalism. Its influences also damaged China’s economy in the first half of 2012, but following China’s government boosting state led investment from mid-2012, China’s growth has accelerated again.
The following article by John Ross analyses the economic policies underpinning the slowdown and then the accelerated growth of China’s economy in 2012. Since the article was published on china.org.cn on 1 January, the release of new economic data confirms the article. They show that China’s GDP expanded by 7.9 per cent year on year in the fourth quarter of 2012, accelerating from 7.4 per cent in the third quarter, and resulting in 2012 full-year growth of 7.8 per cent.
China’s economy in 2012 was “a tale of two halves”: In the first six months slowdown, even a feeling of developing crisis; in the second half recovery and accelerating growth. The story therefore had a happy ending. But it is worth noting what went wrong in the first half, and how it was corrected in the second, as this contains lessons for the future.
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