Until a few years ago, the big question was, is China's growth for real? Now the question is, How long can it last? Even with the U.S. economy slowing, the concern is not so much that China will run out of resources or markets to sustain high growth, but that economic imbalances are becoming too severe.
Put simply, China has been investing too much, too fast, particularly in its export-oriented manufacturing sector. The most striking evidence of this is the relatively small role Chinese consumers play in the economy. Household consumption as a percentage...
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