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Protest over World Bank bleak prediction for China
Published: 28 February, 2012, 17:58
Du Jianguo, a protester, is removed by a security guard during a news conference by World Bank's President at the Beijing office (Reuters / Jason Lee)
(30.3Mb) embed videoA one-man protest has disrupted a conference in China by the World Bank President Robert Zoellick. He thrust leaflets into the hand of Zoellick while saying “The World Bank report is poison to China.”
Du Jianguo, who claims to be an economist, was angry over a World Bank prediction the country’s economy could run into trouble if it doesn’t cut down on state interference.
"The World Bank calls on China to privatize our state-owned enterprises, they want to partition these big companies. But actually they are helping western companies get rid of their Chinese competitors,” he shouted before being ejected from the auditorium.
The World Bank suggests fewer barriers for entry into the country’s market, in order to break up some state monopolies. It also recommends an increase in tax rates for state-owned firms.
"So to reduce China's global savings rate and also benefit the Chinese people, if a lot of those dividends (from state-owned enterprises) are sent back to provide social benefits for the Chinese people, you will have structural change and help support some of the social security systems," said Zoellick.
Experts agree China’s development may slow down. The country has been showing a steady growth for 30 years, being a safe source of global development. Economists Barry Eichengreen of the University of California and Kwanho Shin of Korea University note that “China's annual growth rate will begin to "downshift" by at least two percentage points starting around 2015”, WSJ reports.
China’s downshift isn’t being helped by a general slowdown in the West.
“The Chinese economy is export driven and Europe and U.S. are almost broke so they won’t be buying all that stuff from China. And if it starts exporting much less, you will have slow growth,” said RT’s business editor Nick Pool.” And China is also huge debt holder of US bonds, and the US will be printing money to lower the amount of debt. And it’s going to create political tension.”
More on the prospects of China economic development and its role in the world financial institutions, such as the World Bank and IMF, watch this report.
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I was WATCHING MSNBC Stock market at 4 AM in the morning today. They had DONALD TRUMP as a GUESS SPEAKER.. He said the REAL UNEMPLOYMENT number in the USA is 23%... He also said the BANKS are THEIVES. Stealing peoples HOMES.. Americans with Good credit NEVER missing a mortgage payment when it comes time to RENEW their mortgage they want FULL payment. ONLY in AMERICA.. Donald Trump is NOT a DUMB man. He says the BANKS in the USA are corrupt.
Why the commotion? Trump said the country with the biggest reserves of oil on earth is U.S. geological surveys dictate different. That Obama's birth cert was false, like C.I.A , F.B.I, Sec. Serv. and more, wouldnt had found out!! I think he is more of a guy who inherit a comedy trait, than an empire that the banks saved. Yes, he was bankrupted and banks decided not to place him in kail for life, like they done others. About the W.B predictions, all countries will see the same fate.Not just China. About U.S printing money? Naah.. if U.S print money beyond a pre set formula, the dollar will go down in value over night. Get an economy edu before you talk. I did.