China’s economy is running into headwinds. Most governments in the developed world would love to have its problems, yet all the same, the country’s growth outlook is becoming more uncertain.
The authorities themselves were probably surprised by the country’s robust response to the global crisis, with growth reaching 11.1 per cent in the first half of the year on the back of a mammoth monetary and fiscal stimulus.
Yet the authorities have had to scale back the epic quantities of new loans that were issued last year to avoid a huge build-up in bad debt over the next few years.
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