How China has changed

Everyone is talking about China and the conversation is mostly unsettling. The collapse in iron ore prices, falling oil and coal prices and persistently low metal prices all appear to confirm what official growth statistics have been saying; the Chinese colossus is slowing.For those skeptical about official Chinese GDP data (there is good reason to doubt it), ancillary data tells the same story. Power generation, freight rail movements and credit volumes are all lower. Even smog indicators around the steel belt are falling, suggesting less production.Yet employment numbers haven’t budged. If the industrial economy is sluggish and capacity is falling,...

Everyone is talking about China and the conversation is mostly unsettling. The collapse in iron ore prices, falling oil and coal prices and persistently low metal prices all appear to confirm what official growth statistics have been saying; the Chinese colossus is slowing.

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