China's Explosive Growth Isn't So Explosive Any More

Despite the fact that China's been cast in the role of an economic boogieman—last month, Mitt Romney called the country a cheat and a job-thief at an appearance in Ohio—the country's economy is actually slowing down. Premier Wen Jiabao gave a speech Monday in which he lowered China's economic growth forecast to 7.5 percent, which is the first time that number's been below the double-digit range in over two decades., According to The New York Times' Keith Bradsher, this has left Chinese workers are down in the dumps due to a lack of new jobs and a dour outlook for future growth. "A year ago, there were people in every shop, looking and asking about the prices," a clerk at a plumbing store in Guangzhou said. "Projects are finishing, but there are absolutely no new projects this year." Indeed, Premier Wen 

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This is the opposite of what most people believe about China's economy. Take Romney, who's been hammering the point that China is  "a currency manipulator" and an American job thief. Last week in Ohio, the former Massachusetts governor said, "How is it China’s been so successful in taking away our jobs? Well let me tell you how: by cheating." If China's cheating, it's not working out very well at the moment.