China is a ‘ticking time bomb’: US President Joe Biden says, here's why
US President Joe Biden has expressed concern regarding China, and called the country a "ticking time bomb". According to Biden, China's demographic and economic problems could be a threat to the rest of the world. At a political fundraiser, Biden said, "China is in trouble" because growth has slowed and the number of people in retirement age outnumber those of working age.
Biden said China has the highest unemployment rate going, and added, "That’s not good because when bad folks have problems, they do bad things". The Democrat insisted that he was seeking "a rational relationship with China." "I don't want to hurt China, but I'm watching," he said. The Biden administration this week released a long-awaited order curbing US investments in China, but the policy was pared back from initial drafts amid the president’s efforts to improve ties with the Chinese government.
China’s gross domestic product (GDP) grew at a slower-than-expected pace of 5.5% in the first half of the year, compared with a year earlier. The country's imports and exports fell much faster than expected in July as weaker demand threatens recovery prospects. The pace of export decline was the fastest since the onset of the pandemic in early 2020 and the tumble in imports was the biggest since January this year when COVID infections shut shops and factories.
Crude oil shipments to the world's biggest oil importer were 17% higher in July than the same period last year. Beijing is looking for ways to boost domestic consumption without easing monetary policy too much lest it triggers large capital outflows. The state planner last week said the stimulus would be forthcoming, but investors have so far been underwhelmed by proposals to expand consumption in the
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