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At Davos, China lowers growth forecast to 8.5 percent
Last year growth was at 9.2. The Chinese statistics unreliable because of state intervention in credit policies and false growth data of the provinces and of actual inflation (16%). China will not buy sovereign debt of Spain or Italy.
Davos (AsiaNews / Agencies) - At the World Economic Forum being held in Davos (Switzerland), China says that its growth for 2012 will be 8.5%, down from 9.2 in 2011.
Speaking on the sidelines of an assembly that gathers the cream of politics and the world economy, Li Daokui (see photo), Director of the Central Bank of China, said that his country is preparing for a "soft landing", and has also brought inflation under control - according to him – down to 3% this year compared to 4.1 recorded last December.
In fact, according to several analysts, it is very difficult to provide any forecasts for the Asian giant primarily because the state controls the economy and banks, as is the case in credit polices (v: 10/01/2012 China’s economy, as sick as that of the US.), and also because the data and statistics suffer from vagueness and many provinces of the growth data, for example, are obtained by artificially (and falsely) inflating the likely investment, the same official inflation figures (4, 1%) are far away from inflation experienced by real people, which is around 16% with peaks of 35-40% for some foods such as pork (see: 09/12/2011 Inflation officially drops, but it is not true as China edges ever closer to a crisis).
Li said that his country's economy has been hit by the crisis in the eurozone, but also stated that China is not ready to buy Italian or Spanish sovereign debt. "How are we going to explain to the Chinese people that we are going into it alone and buying up Spanish or Italian debt? A multilateral solution is needed, and China should work together with countries like Brazil or India to help Europe,” he said.