“‘If you look at the Chinese data, you should stop debating about a hard landing…China is in a hard landing. Car sales are down, cement production is down, steel production is down, construction stocks are down. It’s not a debate anymore, it’s a fact.’…
“‘What you can look forward to is to see a pickup in property demand that will clear up the inventory; that doesn’t appear likely,’ Mowat said in an interview after the conference yesterday. ‘I don’t see any evidence of a policy move that will cause the economy to re-accelerate.’”
My Comment: The crisis will affect the entire world and will not subside; instead, its waves will force us to realize the need for internal restructuring, a new attitude towards ourselves, society, and nature, all the way up to full integration. Asia, as the largest and most energetic continent, will feel the crisis more than the EU and the USA.