Chinese Economist: "Sino-U.S. Relations are at a Crossroads"

Editor’s note: Steel Market Update’s source in China reports on recent remarks by Chinese economic expert Xiang Songzuo, who warned that the nation’s economy is showing signs of crashing. Xiang showed courage in being publicly critical of the government, which later banned his remarks from the internet.

“You can look at the history: Only the Wall Street Crash of 1929 can compare to the steep decline that the Chinese stock has experienced this year. Many stocks are down 80 or even 90 percent,” said Professor Xiang Songzuo in a speech in early December. Xiang is the Deputy Director and Senior Fellow of the Center for International Monetary Research at China’s Renmin University.