This is an excellent and insightful, MUST READ article from Stephen Roach, published by Project Syndicate.
via Misreading Chinese Rebalancing by Stephen S. Roach – Project Syndicate.
Personally, I am confident that the Chinese leadership will successfully rebalance economy away from exports and investment to a more consumer oriented model. Of course, the scale of the transformation is truly staggering, so it will certainly be a bit bumpy.
Sadly, when one considers the tenacity of the Chinese leadership, one can only reflect on the anemic qualities of many European leaders. Take David Cameron, for example, he still can’t see (or indeed face) that the NHS is now in a state of terminal cancer.