CHINA’S ECONOMY HAS set so many records that it is easy to become blasé about stratospheric growth rates and unprecedented investment levels. After all, are not such abnormalities an inevitable by-product of the world’s fastest-growing economy?
Rather as with the much-trumpeted new economy that supposedly explained the internet valuation excesses in the US, economic reality, it seems, is often set to one side so that we can marvel at China’s economic miracle.
As China euphoria among foreign investors gathered pace over the past two years, so structural imbalances have emerged as everyone tried to board the China growth train before it left for good.
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