Marc Faber: China Credit Bubble is a Huge Problem

Marc Faber, Editor & Publisher of The Gloom, Boom & Doom Report says China's pace of growth depends on whether authorities can deflate the nation's massive credit bubble. Marc Faber : “Whether they can ensure continuous growth will depend on reforms and how to deflate the colossal credit bubble we have in China,” “This is going to be a huge problem because we have so much underground credit, questionable loans outstanding and questionable investments.” Faber said China’s economic growth is probably much slower than official numbers suggest. China won’t miss its growth target of 7.5%, he told CNBC: They will announce it, but the reality will be much lower. If you look at the statistics that are more relaible like Korean, Japanese or Taiwanese exports … then export figures from China don’t add up entirely.