Robert Peston
speaker
59 appearances
2 recordings
1 series
first heard Dec 2012
last heard Jan 2015
Robert Peston’s voice in public audio — every appearance, attributed to the second.
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Appearances
And there's a big debate about how fast it's slowing down.
There's a big debate about how fast it should be slowing down.
But what I would simply say is this.
The big story that has influenced all our lives over the last 30 years has been the economic revolution in China.
I mean, it's just changed everything.
For years, it improved our living standards by making the stuff we buy cheaper and cheaper and cheaper.
It gulled...
central banks everywhere into thinking they had inflation under control, so they kept interest rates way too low for too long.
China generated these enormous surpluses, which they then lent to America to finance its colossal deficit.
China was the big economic force in the world, and it still is the big economic force in the world, but it's moving in the opposite direction.
And depending on the speed at which it slows down and the way that it slows down...
that will have an influence on the precise pace at which it influences all our lives.
But we should be under no illusion that the really big thing in the world which will have an impact on our living standards is what happens in China.
Nothing else really matters in comparison.
We don't really know what the precise number has been.
But the point is that we can see what's happening in China on the ground.
We've seen what it's done to the prices of things that really matter to us, everything from food to energy.
I mean, one of the things that I think is very striking is that the oil price appears to be in freefall at the moment.
I think that tells you that one bunch of investors at least think that what's happening in China, given that it's the world's greatest consumer of oil, is pretty serious.
I'm Robert Paston, the BBC's Business Editor.
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