Wither the Dragon? Is China's Economy On the Skids?

It appears that what comes around goes around. The Great Recession that wreaked havoc upon Western economies seems to be headed East to China. But is it? In a nation where the government makes up statistics to serve its ends?


Even tight-lipped far-from-transparent China is conceding that its economy is taking a turn south just as the U.S.'s shows signs of improvement.  


And, If official -- usually unreliable and overly upbeat statistics are less than rosy, how does that bode for reality in the communist nation? Not too well. 


Observed Adrian Mowat, chief Asian and emerging market strategist for JPMorgan Chase, to CBSNews.com: 


"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."


But what does it mean for the United States? Just as the China's government makes it a little easier for its citizens to purchase imports by laying off efforts to artificially deflate its currency that makes them too expensive, its slowing economy ensures the Chinese still don't have the money to buy them in the first place. AAARGH. 


Read about it: http://bit.ly/xqEwap.