Tremors in the Chinese economy: Debating the road ahead
A cascade of events has jolted China’s economy and rattled markets around the world. In just the first two weeks of the new year, the Chinese stock market shed nearly a fifth of its value. Unnerved by the volatility, investors in the United States sent the Dow Jones plunging more than 8 percent. Even China’s top leadership has acknowledged the serious challenge it faces in keeping growth apace. How profound are the risks to the Chinese and global economies? Are recent events signs of turmoil to come or merely isolated disturbances? Do the doomsayers go too far in forecasting China’s economic collapse?
On February 10, the John L. Thornton China Center at the Brookings Institution convened a debate between leading economists on the risks and opportunities that lie ahead for China.
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I’ve seen some pretty awful poverty. [But] There is something about poverty in the U.S. that is worse, even though, materially, people have more.