...so much of their GDP growth is construction -- 50 percent to 60 percent of this country’s GDP is construction. We’ve not seen that in terms of a major country I think for a long time if not at all.
And so for them to get off of stopping construction, you’ll see GDP growth go negative very quickly. That’s not going to happen, because in China it’s all about making the number.
...I’m more concerned even philosophically about the whole idea -- as we say, it’s all about the number. So in the west our economic growth is a result of decisions that you make and I make and that the market reflects via pricing, and at the end of the day we calculate all activity, and that’s our economic growth.
In China it starts with, "We are going to grow nine percent next year. Now, how do we get there?" It’s the start of the equation and the activity is the residual. And that’s ultimately philosophically the problem.
Video and Transcript: http://www.charlierose.com/view/interview/10960
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