Interview of L. Randall Wray by Dasha Chernyshova, Moscow reporter for the Sputnik News Agency
Q: In simple terms, how is the slowdown in China affecting the Eurozone?
A: I think the impact is overstated. China is still growing relatively rapidly. Her consumers enjoy rising incomes. They want high quality foreign manufactured goods—prestige goods, luxury goods. Over the short run, the Eurozone will still enjoy positive growth of Chinese demand. The bigger impact could be on commodities exporters (Russia, Brazil). China is learning how to economize on use of natural resources in her attempt to move toward sustainable growth.
