Feedback factors that could stun China

China's rebalancing will inevitably lead to a slowdown but what many predict will be merely a slump could prove much worse if feedback loops are ignored.

Early this month Martin Wolf had another of his very interesting articles, this time on China, which I think suggests some of the concerns we must have about the upcoming adjustment. Wolf argues that it may be useful to think about Japan as a model for understanding the adjustment process in China since the Japanese model shows how risky it is to shift to a slow-growth model. I of course agree.

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