China will pay the price for hidden debts

The Third Plenum's proposed economic reforms will almost certainly slow China's rate of growth, but the exposure of hidden losses will highlight the gap between China's recorded and real GDP output.

I got a lot of feedback from my January 5 blog entry because of my argument that the implementation of the reforms proposed in the Third Plenum all but guarantees that growth rates in China will slow down. It might make sense to explain a little more carefully why I think this must happen, and why we can almost judge how successfully the reforms are implemented by how quickly growth slows.

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