L’économie chinoise continue d’accélérer. Tellement que les économistes commencent à être inquiets! [Economist]
Nobody is jumpy about growth, of course, but of the government’s reaction to it. Chinese officials are getting worried that a meltdown may be pending, and have been intervening to dampen things down. But over the past few years tighter interest rates, lending restrictions and heavier bank regulation have failed to cool the economy. Now they may have to be even more aggressive.
Et voici la surprise:
However, it’s not clear how much impact this would really have on exports. For many of the products it exports, China is merely an assembler of parts made elsewhere, which is why its trade surplus with the rest of the world is less impressive than its bilateral one with America. Should the yuan rise, it will make those inputs cheaper for Chinese firms, so export prices will rise less than the yuan-bashers might hope.