The Chinese economy has been described (by James Kynge, for one) as an elephant riding a bicycle – fine so long as it keeps going, but if it slows, it’ll cause an awfully big mess. Now, with the combination of a rapidly ageing population and rising wages, inflation in China is going to go up, and growth is going to slow.
As one government economist put it on Thursday, for China, ‘a major turning point is at hand.’
As Reuters reported on Thursday:
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