China is too far down the road toward a market economy to turn back from reforms now, even if United States financial market turmoil is causing it some qualms, US Treasury Secretary Henry Paulson said on Thursday. Paulson told reporters the biggest threat to continued reforms came from firms in China that want to be protected against competition.
United States employers unexpectedly cut jobs in February at the steepest rate in nearly five years, a second straight month of employment losses that heightened fears the world's largest economy has skidded into recession. ''The question appears no longer to be are we going into a recession but how long and deep it will be,'' said economist Joel Naroff.
United States growth skidded lower in the fourth quarter and was the weakest in five years for all of 2007, according to a government report on Wednesday that highlighted the toll an enfeebled housing sector has taken on the national economy. The dollar's value declined against other major currencies on the soft GDP data.