SAMBOLIN: And stock futures pointing to a lower open
this morning. European and Asian markets are down.
Christine Romans is here to explain why.
CHRISTINE
ROMANS, CNN BUSINESS CORRESPONDENT:
China, China and China.
BANFIELD: Broken China?
ROMANS: That's a good banner. You'll be a good headline
writer.
Look, China today, Wen Jiabao, the premier of
China, the first time in eight years speaking to the national congress there
saying to the peoples national congress saying, look, we're going to lower our growth
target to 7.5 percent. That's still a lot growth. But that shows you that China is trying to focus
on quality in its economy, not speed.
Chinese growth has been gangbusters for 30
years. At least double digit, mostly double digit growth in China's economy
over the past 30 years. They're trying to slow it down just a little bit, rein
it in, focus on quality over just speed there. This pertains to everything, commodities
-- metals, stocks, just anything you can think of in financial markets will be
affected by this.
I want to show you quickly how China compares
with the rest of the world because China is the driver. U.S.
growth this year is forecast at 2 percent. E.U. growth this year is
forecast at nothing.
SAMBOLIN: Wow.
ROMANS: Nothing.
That's painful. Zero is painful. Europe
still has a lot of work to do.
China, even with a slower growth target if they
can actually manage to slow it down, 7.5 percent.
I want to real quickly focus on another thing,
too -- military spending. The Chinese are boosting military spending by 11
percent, still a fraction of what the U.S. spends. But this is after this pivot
by the U.S. to focus more on the Pacific Rim area, China is responding by
spending more money on its military. That's something that bears watching, too.
_____________________________________________________________________________________
-focus on something: ~에
주력하다
Ex: focus on all
aspects 모든 면에 중점을
두다.
-the driver : 추진
요인, 동인
-forecast at ~로 예상하다
-boost : 북돋우다, 신장시키다.
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