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Goldman Sachs CEO Sees Bright Side of China Poverty
expatnewswire.com China is now the largest economy in the world, according to Goldman Sachs CEO Lloyd Blankfein, and widespread poverty in the country is helping it overtake America, despite the western nation’s historical reliance on a strong middle class. Speaking at the DealBook Conference in New York, Blankfein said “this could very well be the Chinese century,” adding that China’s economy is bigger than America’s, but the wealth of the nation remains concentrated in the hands of a select few. While some commentators said this centralization of power is a detriment to China’s growth, Blankfein believes China’s unique economic approach is helping the nation to grow.
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