If China is indeed making the transition it has long said it wishes to make, it would look like what we are now seeing. Both the IMF and the World Bank have in recent months pointed to compelling evidence that the transition is well under way, and it’s one of which they heartily approve. It’s remarkable that last year consumption growth in China contributed more to GDP growth than did the growth of investment. Remarkable, too, that half of the overall growth of output was contributed by services rather than by heavy industry.

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