China is the elephant in the room

China is the elephant in the room, Marc Faber told the EPCA audience . Noting a global shift in the balance of global economic and military power from West to East, he also highlighted the massive increase in China’s share of global commodity consumption. He is skeptical about GDP growth figures for China, suggesting they may be closer to 5% per year than 10%. Faber suggests that recent downward slides in stock markets are more likely to be the result of concerns about China’s economic bubble bursting rather than European woes. “If China grows or contracts by 3%, that translates into a huge impact, particularly in demand for commodities.” Marc Faber says - via EPCA