Don't expect China to bail out the West, they have enough problems of their own. Some commentators are still saying it makes sense because a stable Euro would give Chinese policymakers time to diversify its foreign exchange reserves and correct the imbalance in its economic structure. But it's not going to happen, China's economy is headed for trouble.
Nomura puts the odds at one-in-three of a hard landing in China in the next three years, which they define as four consecutive quarters of sequential GDP growth at 5 per cent or less. There's no economic safety net in China and it has an enormous unemployment problem . Unemployment in China is twice as high as American unemployment. Also, there are lots of protests in China about everything from tax issues to construction safety. Last week, people in Shanghai attacked a developer's office over falling prices.
If things get bad there, it will hit the Chinese middle class hard and the middle class in China is as big as the US population.
China is struggling to keep its own economy together. In any case, there would be little interest there given that its leaders haven't forgotten the centuries of abuse, occupation and exploitation China suffered from countries who are now asking for help. Europe has to find its own way out of this mess.
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