The current China conundrum lies in both economic and political dimensions, although much of the alarm about China’s economic downturn appears to be misplaced or overstated. China’s economic fundamentals essentially are solid. Multiple indicators point to a growth slowdown that remains broadly in line with the leadership’s game plan, and the authorities can draw upon enormous financial resources and economic resilience. Particularly if planned reforms go forward, the Chinese economy should be able to continue functioning as a reliable driver of global economic growth.
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