Safely entangled in the Internet

Overview | Giles Change

Web-driven economy is the biggest positive sign for China to maintain growth

The Paris-based Organization for Economic Cooperation and Development projected China's GDP growth rate for 2014 at 8.9 percent in its most recent China survey, published in March 2013. Today, the actual annual Chinese GDP growth rate is running about 1.5 percent lower than the OECD projection. The outcome for the full year may turn out to be closer to 7 percent. China's slowdown surprised all of the major foreign commentators, and the OECD was not alone in overestimating China's GDP growth. The International Monetary Fund fell into the same trap, as did most of the economists working for investment banks like Goldman Sachs, Morgan Stanley and China's own China International Capital Corp.