Sir, Michael Pettis (“China has been misread by bulls and bears alike”, February 26) argues that “Chinese growth will almost certainly slow dramatically”.
This flows from an assertion of China's inability to respond to changes in external demand: “China is the world's largest exporter and its trade surplus is among the highest ever as a share of global gross domestic product. This limits its ability to respond to domestic contraction. The world can no longer easily accommodate its growth policies.”
Facts show the opposite is the case. China's domestic GDP growth in 2009 was 12.6 per cent – among the highest recorded in a major economy.
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