China’s official growth rate has fallen sharply; its real growth rate may be substantially lower; the country is tipping into deflation; and Premier Wen Jiabao has warned, yet again, that the economy is under serious pressure. China seems to be heading towards
a hard landing and Beijing, many Chinese and foreign experts warn, must cut interest rates drastically and expand credit, so saving itself and the world from disaster.
They are wrong. What is happening in China may be just what it and the world need. After many failed attempts, over the past six months we may have been seeing the beginning of China’s urgently needed rebalancing, in which it will correct over-reliance on investment in favour of more consumption.
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