Appearing Monday morning on CBS, Obama’s jobs council head and the CEO of GE Jeffrey Immelt said that one thing that “actually works” is “state-run Communism” in China.
After host Charlie Rose brought up the “growth rate” of China falling from double digits to about eight percent, Immelt chimed in.
“Look, I think it’s good for China,” he said. “To a certain extent, Charlie, 11 to 12 percent is unsustainable. You end up getting too much stimulus or a misallocation of resources. They are much better off working on a more consumer-based economy, less dependent on exports, driving technology and innovation harder. Really, the one thing that actually works, state run communism may not be your cup of tea, but their government works.”