Unlike the U.S., Chinese government officials cannot speak their mind. They must speak the ‘company line’ of the rulingCommunist Party. That is why I pay careful attention when they say anything negative.
Li Yizhong is the head of the Ministry of Information and Technology and this is what he said about China’s economy yesterday.
“The international financial crisis is having a severe domestic impact. We don’t think we’ve bottomed outyet.”
“Just about every industry has overcapacity.”
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