An era of cheap oil and dollar strength should prove a boon for a country that imports shiploads of commodities and wants exports to cushion a growth slowdown.
That China, the world’s second-biggest economy and itself facing slower growth, is only a minor beneficiary illustrates the extent of Beijing’s foot-dragging on a 2013 pledge to hand markets a “decisive” role in price-setting.
Take oil. China is the world’s biggest importer but price controls mean the 50 per cent slide in Brent prices since June shrinks to just half that level in China.
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