Hard Landing In China? -- A Commentary

From Forbes:

For the last few years, the global economy has been running on two engines: the U.S. on the consumption side and China on the production side, both lifting the entire global economy. The U.S. has been the consumer of first and last resort, spending more than its income and running large current account deficits, while China has been the producer of first and last resort, spending less than its income and running ever larger current account surpluses.

For the last few months, the first engine of global growth has effectively shut down. And to add to our worries there are increasing signs that the other main engine of the global economy--China--is also stalling.

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