Industrial production started to accelerate

World economic school has nothing to do with the primary school of the street door. Good students tumble, wake up the bottom and nothing is ever final played. After having made large progress over the decades 1950 and 1960, Europe has lost ground to America for fifteen years. The small Japan had a very good decade 1980, but he collapsed then before painfully rising slope. In the 1990s, the United States were at the top of class with the rise of technology information and China was also the meritorious efforts support class. In the 2000s, the same scenario seemed to renew itself. After the collapse of the dot-com bubble, the United States and China seemed be the only two countries to carry out real growth policies, thoroughly actuating the levers fiscal and monetary. The crisis of 2008-2009 has suddenly revealed that the United States student lived actually on its acquis, or even on its borrowings. And that China was always dependent on America, contrary to what thought the proponents of a far-fetched "decoupling".

But in the crisis, the gap deepens. Barely recovered from the lost decade, the Japan returns to the bottom of the class. Europe had the lowest growth of the world, she received the highest recession behind the Japan. His reaction dispersed the crisis looks more like palliative care to a substantive treatment. America, it should save a limited brake kick. But to avoid sinking, it deploys huge means, including restarting the machine to make money. Washington hopes to soon find a growth based on consumer spending, with bankers who have nothing learned, rules that have barely changed and money continued to flow from the rest of the world. Beautiful illusion.

On the other hand, the Chinese are going in the right direction. They alone seem to have read dozens of G7 releases before all these events, claiming a better balanced growth in America, structural reforms in Europe and a strong boost to domestic demand in Asia. In the fall of economic activity in the last fall, they have responded to both the first and strongest. Beijing announced in November a plan to revitalize almost EUR 500 billion, or 13 of GDP two times more than the Obama plan, ten times more than the French plan. Exports plummet, falling from 26 in a year Domestic demand will take the relay. The Chinese have an appetite for consumer limited by their desire to keep the money for their retirement and their health in a country where social protection does not exist The stimulus will be by public investment, which grew 33 in one year (first five months of the year, in urban areas). Good news in a country where there is much to do in infrastructure (railways, schools, hospitals) and where the projects were overcrowded cartons. SMEs are asphyxiated Banks will assist them en masse. In total, if the growth will not reach the 8 target set by the Government for 2009, it could approach him (on the assumption that national statistics really want to say something). Industrial production started to accelerate. In may, she was on an annual gradient of 9, 5 in early this year.

Of course, some forced credits will result in losses and the great Chinese bubble not yet exploded. Of course, foreign companies are often crowded out large contracts. Of course, Beijing continues to lock the yuan, even though it is appreciated more than 20 against the dollar since 2005. But in the storm, China which is closest to the good student. It is evident today in economic policy. It could be tomorrow in environmental policy, both ecological awareness is bright. This brings a daunting question: in times of crisis as well as in prosperity, a wise dictatorship would more fit than democracy to take the necessary decisions