China's rebalancing is not what it seems

China’s shift from investment and exports to consumption is underway, but it's happening much slower than what the official figures suggest.

“New normal” is the hottest buzzword in China to describe the country’s economic development. Long gone are the days when China was able to grow at double digits on the back of investment and exports. Instead, the economy is humming along at a much slower pace of around about 7 per cent.

In a world where sluggish growth is still the norm, 7 per cent is still enviable. To put that into perspective, the new additional Chinese GDP created in 2013 was equivalent to the entire Chinese economy in 1994.

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