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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: RealMuLan who wrote (5702)5/6/2004 11:24:46 AM
From: mishedlo  Read Replies (1) of 116555
 
Greenspan sees China growth cooling
Thursday, May 6, 2004 3:47:57 PM

CHICAGO (AFX) -- Federal Reserve Chairman Alan Greenspan said Thursday that the sharp rate of economic growth in China is "not sustainable." Greenspan told a banking regulation conference that Chinese officials are aware that unsustainable growth poses a bigger risk to their economy. "They are working to slow the rate down," Greenspan said. He acknowledged that if Chinese economic growth slows as predicted, upward pressures on global metal prices will ease. He noted that already scrap steel prices have flattened. Greenspan said global commodity price pressures could cool further as China draws on its existing inventory of metals and other products. Earlier, the Fed chairman told the group that he is not worried about the long run impact of job outsourcing. He recognizes displaced workers will need short term retraining, but stresses that job "churning" is a necessary derivative of capital markets.
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