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Illustration: Morten Morland |
Everything you thought you knew about China’s economy this year is wrong. While global markets are convulsing amid fears Beijing is failing to arrest its deflationary spiral, for emerging market bulls, 2015 marks a historic shift in the global financial order. After decades of relative timidity, China is now playing a leading role on the international stage by assuming its rightful position as underwriter of the global economic system, by rewiring trade, capital and FX flows.
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