Of the Global Economy given so many countries do so much trade with china. Chinese Government Data shows that the value of exports fell 14. 5 compared to the same month a year ago. That suggests the rest of the world is buying less stuff. The value of imports also fell by more than expected, down 12. 4 onjuly a year ago. But that partly reflects a fall in the price of commodities such as crude oil. The figures will concern chinas government, who are grappling with economic growth. The quarterly Growth Figure was just 0. 8 in the april tojune period, as the country continued its post covid recovery. And last month, chinas struggles were cited as a key concern for the Global Economy when the International Monetary fund updated its Global Growth forecast for this year to 3 . David woo is a former imf economist and wall street strategist and has been telling me what he makes of the numbers. You know, like some people are going to say, well, this is just basically a reflection of the curren
like, you know, they haven t done stimulus because stimulus hasn t been really working. as you probably know, china now is sitting on more debt than the united states and even europe. that s the result of over stimulus of the last ten years. so from that point of view, they don t want to basically pump more fiscal stimulus in the economy. they don t want to give out more loans. what they need to do now is to basically open up the economy for competition, trying to basically level the playing field between state owned enterprises and private industry to unleash basically the private entrepreneurship. and this is where there is some good news out of today s numbers. if you look at chinese car exports, they actually hit 437,000 units last month. this represents more than a 50% increase from a year ago. and this is because china, of course, is now emerging as a leader of electric vehicles. and what we re seeing is very, very strong overseas demand for dependable, affordable evs from china.
projects and green energy companies that are enough bankrupt. he promised it would fix the economy win he sold this, but i was never about creating jobs. wait was beside rewarding democratic party donor and allies. if was serious about creating jobs he would approve the keystone pipeline. that s stake on economic froth. we have still had subpar growth under the term since he signed the stimulus. what were the promises he made that were kept? seems to me we have had continuous growth in this economy, that we have come out of the depths of that recession. yes, we would like too see faster growth but we re noy near where we were in 08. remember, paul ryan, a good conservative, said, this is a good idea. he voted for this bill. mitt romney wanted more spending. most liberals in the country think the reason the stimulus hasn t had more overwhelming impact is because we didn t put
by the way, none of it worked? so it s not i don t think you can say the stimulus hasn t worked. i think that work is still good. and we have a new book by michael green wald from tom magazine saying just the opposite and health care hasn t been implemented yet. i think in fairness you can t say everything he did i think what is absolutely fair is to say that president obama, for two years, had a democratic-controlled senate and a democratically controlled house. so it wasn t a question of republican intransigence. they didn t have the power to stand in his way. in 2010, he lost control of the house. he retained control of the senate. it is president obama and his administration who have failed to put forward a budget that even members of their own party can support. what i find so curious about this line of reasoning, from president obama and his administration, is it makes him look small. is he really saying that he is only as powerful as congressman ryan? i don t think that
in 2010 we were repudiated and by the way, none of it worked? so it s not i don t think you can say the stimulus hasn t worked. i think that work is still good. and we have a new book by michael green wald from tom magazine saying just the opposite and health care hasn t been implemented yet. i think in fairness you can t say everything he did i think what is absolutely fair is to say that president obama, for two years, had a democratic-controlled senate and a democratically controlled house. so it wasn t a question of republican intransigence. they didn t have the power to stand in his way. in 2010, he lost control of the house. he retained control of the senate. it is president obama and his administration who have failed to put forward a budget that even members of their own party can support. what i find so curious about this line of reasoning, from president obama and his administration, is it makes him look small. is he really saying that he is only as powerful as congre