China is Okay
Around the world, concern is growing that China’s economy could be headed for a hard landing. But the doom-and-gloom hype overlooks one of the most important drivers of China’s modernization: the greatest urbanization story the world has ever seen – and one that will fuel investment and consumption for decades to come.
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NEW HAVEN – Concern is growing that China’s economy could be headed for a hard landing. The Chinese stock market has fallen 20% over the past year, to levels last seen in 2009. Continued softness in recent data – from purchasing managers’ sentiment and industrial output to retail sales and exports – has heightened the anxiety. Long the global economy’s most powerful engine, China, many now fear, is running out of fuel.