Goldman Sachs’ Jim O’Neill is leaving his gig as top economist at the firm to become head of the company’s asset management division. In his goodbye letter, O’Neill continued to pump up his most famous product, the BRICs, with some wonderfully effusive facts about their (mainly China’s) success.
From Zero Hedge (emphasis our own):
The past two days data suggest that , firstly, last months perceptions of significant slowing were exaggerated, and secondly, China is in a good position to be regarded as having achieved some sort of soft landing. In terms of its ongoing performance and contribution to the world, two monthly numbers I keep special track of, are both looking encouraging. Firstly, in terms of the trade numbers, the latest data shows in the 8 months year to date, China’s imports have increased by $ 440bn, a bit slower than at their peak rate close to $ 500bn, but still huge. As I am fond of saying, especially to Greek problem obsessed observers, China was importing another Greece every 8 months. It has slipped to every 9. Remarkable.