Dry powder

25 January 2019 By Clara Ferreira Marques

A sharper slowdown is high on the list of worries at the economic retreat. George Soros warns a Cold War with the country could turn hot. For now, China’s growth is merely cooling and Beijing has ammunition left. Its Alpine promise of “modest prosperity” may be feasible.

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Wang Qishan, China’s vice president, told the World Economic Forum on Jan. 23 that China could maintain sustainable rates of growth despite global uncertainties. He said China can reach a target of delivering “modest prosperity” for all Chinese people by 2020.

China’s economy expanded 6.4 percent year-on-year in the fourth quarter, compared to 6.5 percent in the third. Analysts polled by Reuters had expected quarterly growth of 6.4 percent. Full-year 2018 growth was 6.6 percent.

Financier George Soros said on Jan. 24 at the World Economic Forum that “there are clear indications that a broad based economic decline is in the making in China, which is affecting the rest of the world,” according to a copy of his prepared remarks. He also said that “we are in a Cold War that threatens to turn into a hot one.”

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