China Oil Imports Drop
China used to be heated by wood and coal fires. It looks like those days are coming back
Reuters says that China oil imports hit their lowest level this year.
The news is more confirmation that the 10%-a-year GDP growing country is in real economic trouble. The frenzy of business activity which would never falter is slowing to a crawl.
China’s export engine is losing steam because the suddenly impoverished world does not need its goods. Perhaps worse, the Chinese middle class is so pinched that the nation’s imports from around the world are about to drive off a cliff.
Douglas A. McIntyre