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China’s economy is already in a so- called “hard landing,” according to Adrian Mowat, JPMorgan Chase & Co.’s chief Asian and emerging-market strategist.
“If you look at the Chinese data, you should stop debating about a hard landing,” Mowat, who is based in Hong Kong, said at a conference in Singapore yesterday. “China is in a hard landing. Car sales are down, cement production is down, steel production is down, construction stocks are down. It’s not a debate anymore, it’s a fact.” His team was a runner-up for best Asian equity strategists in a 2011 Institutional Investor magazine poll.
Controversial Chongqing party chief Bo Xilai has been removed from his post, bringing China’s sensational political scandal to a head and leaving his once sky-high political ambitions hanging by a thread.
A short statement released by the state-run Xinhua news agency said Zhang Dejiang will take over as Chongqing party chief while serving concurrently as vice-premier. There were no further details, and the statement did not say if Mr Bo had been assigned another role, or if he was under investigation.
Advertisement: Story continues below Mr Bo, the charismatic figurehead of China’s broad “red” revival movement, has become the most senior victim of overt power struggle since Chen Liangyu six years ago. The former Shanghai party chief was toppled in 2006 and later sentenced to 18 years in jail for corruption.
Mr Bo’s removal comes a day after some fighting words by Premier Wen Jiabao in his closing news conference after the National People’s Congress, his final one after serving nine years as premier.
"I can tell everyone that the central government has attached great importance (to the Wang Lijun incident), and immediately instructed the relevant departments to carry out a special investigation,” Mr Wen said. “Currently, the investigation has made progress. We will handle this issue in strict accordance with the law on the basis of facts and using the law as a criterion."
Mr Wen also aimed a thinly-veiled swipe at Mr Bo and his so-called Chongqing model.
“The present Chongqing municipal Party committee and the municipal government must reflect seriously and learn from the Wang Lijun incident," he said.
"What has happened shows that any practice that we take must be based on the experience and lessons we've gained from history and it must serve the people's interests."
Originally posted by Silverkiss
Dow Jones, S&P 500, Nasdaq and Londons FTSE 100 all post losses over-night due to concerns over China's slowing economic growth.
Bhp Billiton say sales are flat...here go the mining jobs.
Keep a close eye on this, coupled with the current Euro-crisis this could be getting close to the tipping point for the global economy.
Also rumours abound about tanks in Beijing this week...does it all tie in together?