The Presidential Daily Brief

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    Chinese Capital Takes Flight … and the World Worries

    Is Beijing’s rice bowl half full, or half empty? Uncertainty is rattling global markets after botched efforts to shore up the country’s stock market and reform its currency prompted Chinese investors and businesses to send half a trillion dollars overseas, the likely impetus for firing the government’s top securities regulator. But Yale economist Stephen Roach says that with 11 million new urban jobs in China in each of the last three years, the transition to consumer-led growth isn’t going too badly, and the economy is not on the brink of a “hard landing.”

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