China took one step forward over the past year in rebalancing its economy towards a more sustainable growth model. But, in the past few months it has also taken one step back.
Building on a trend that began last year, consumption was a bigger contributor than investment to growth in the first three quarters of this year, a crucial shift for an economy which has long been excessively reliant on investment.
Nevertheless, faced with a deepening slowdown, the Chinese government has undone some of that progress by reaching for a familiar solution: it has cranked up spending, especially on infrastructure projects.
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