Anthony,Ricigliano,China,Sneez business, insurance Anthony Ricigliano China Sneezes and the World Catches a C
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The powers that be in China, after seeing growth heat up to 11.9 in the first quarter of the year, decided that is cooling down the economy with lending and investment curbs was needed to prevent overheating. These curbs went to work immediately, slowing the growth rate more sharply than expected with a result of reducing demand for U.S. and European factory machinery, industrial components from Asia and iron ore as well as other raw materials from Australia and Africa.The timing of Chinas slowdown comes at a bad time for exporters that have seen sales go slack just about everywhere else. Already a huge trading partner for many of these countries prior to the recessions that hit the U.S., Europe and others, China had taken a role as the only game town due to a stimulus-driven expansion program designed to compensate for slowing sales elsewhere.Even with slowing growth Anthony Ricigliano China Sneezes overtook Japan as the second-biggest economy in the second quarter. It is a buyer of 28 percent of Taiwan's exports, 25 percent of South Korea's and more than 20 percent of Australia's mining and raw materials production. Japan just reported sharply lower growth for its second quarter as the growth of exports was almost halved from the first quarter.That being said, it is the producers of iron ore for steel production and other construction-related raw materials which are expected to take the hardest hits from Chinas self imposed slowdown. The winding down of a construction boom pushed by China's $586 billion stimulus program as well as billions of dollars in of bank lending is already being felt. These producers include Australia, Indonesia, Malaysia, Brazil and parts of Africa.New construction projects dwindled as Beijing wound down its stimulus and tightened credit in the second quarter to take the air out of inflating bubbles in real estate and stock prices, slashing demand for steel, cement and other construction related materials. Factory output slowed as well and is expected to head lower in the third quarter as well.Overall, Chinas import growth slowed by about one-third in July, sending tremors throughout the world as the most robust buyer of imported goods for many countries took a step back from the table. An example of the bind Chinas slowdown is putting countries in is Taiwan, a major source of components for Chinese factories that make televisions and other electronics, which are in turn sent as finished products United States. Anthony Ricigliano World Catches Chinas slower growth, combined with slowing sales in the U.S. at the same time could hit Taiwans manufacturing industries particularly hard.China, at this point, sits in the enviable position of trying to restrain growth while the rest of the world either relies on them for their relatively healthy economies, such as Australia or tries to recover from recession, like the U.S. With China expecting slower growth over the next several quarters, it could be a rough ride for everyone.
Anthony,Ricigliano,China,Sneez