Homi Kharas

The change in China's global market share of income as a percentage of the world's economy is happening much faster than it did for any country ever – faster than the UK in the industrial revolution, than the US in the 1920s, than Japan in the 1950s. When you add the disruption of China to that of India you are looking at change six to 10 times faster than these other historic transformations.

There's a far greater concentration of wealth than there is a concentration of income. And that actually has quite a separate effect and impact on the economy.