Many assessments, including the widely followed China Beige Book, pegged the contraction at about 10 percent.
As Hong Kong's South China Morning Post wrote, "Economists have made few changes to Chinese growth forecasts for this year after Beijing announced details of a new stimulus plan, with many disappointed it was less aggressive than the support package implemented after the global financial crisis in 2008.".
China is bleeding manufacturing, and the hemorrhaging will continue especially when the Trump administration provides financial incentives for relocation.
"We welcome any American companies in Hong Kong or China mainland, we will do what we can for full expensing and pay the cost of moving if they return their supply chains and their production to the United States," said Larry Kudlow, President Trump's top economic advisor, to Fox Business's Stuart Varney on Tuesday.
In response, Xi Jinping on Saturday promised China would not go back to a planned economy and would allow the market to take a "Decisive" role.
Xi relentlessly steered China toward a state-dominated system in which the role of the market contracted.
Gordon G. Chang is the author of The Coming Collapse of China.
As Hong Kong's South China Morning Post wrote, "Economists have made few changes to Chinese growth forecasts for this year after Beijing announced details of a new stimulus plan, with many disappointed it was less aggressive than the support package implemented after the global financial crisis in 2008.".
China is bleeding manufacturing, and the hemorrhaging will continue especially when the Trump administration provides financial incentives for relocation.
"We welcome any American companies in Hong Kong or China mainland, we will do what we can for full expensing and pay the cost of moving if they return their supply chains and their production to the United States," said Larry Kudlow, President Trump's top economic advisor, to Fox Business's Stuart Varney on Tuesday.
In response, Xi Jinping on Saturday promised China would not go back to a planned economy and would allow the market to take a "Decisive" role.
Xi relentlessly steered China toward a state-dominated system in which the role of the market contracted.
Gordon G. Chang is the author of The Coming Collapse of China.
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