World Bank warns of economic crisis in China
- 1 March 2012
The FT reported: "Even if Beijing implements steady reforms and avoids any major shocks to the economy, annual growth will decline to 5.9 per cent by 2021 and to just 5 per cent by 2026."
This blog quotes Michael Pettis at China Financial Markets saying: "China could face an economic crisis unless it implements deep reforms, including scaling back its vast state-owned enterprises and making them operate more like commercial firms. The World Bank report apparently doesn't say, but the consensus has been slowly moving down towards 5-6% annual growth over the next few years.
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