China, long seen as the unwavering engine of the global economy, is now going through a major crisis. Years of double-digit growth, which symbolised its rapid rise, have given way to a period of profound economic uncertainty. The fragility of its economic model, based mainly on investment and exports, is becoming increasingly visible. Issues such as rising public and private debt, the collapse of the real estate sector and the emergence of the specter of deflation are accentuating internal economic tensions. These dysfunctions raise a crucial question: after decades of development often described as miraculous, can the Middle Kingdom still sustain its role as a pillar of global growth?
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