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The coming collapse of Chinese construction and Fed rate cuts vs the stock bubble
The good news is our China team has solved a mystery about Chinese property construction: why has it held up so well, even as sales and starts have collapsed? The bad news is that their conclusions point to a painful adjustment with massive implications for China’s growth and policy outlook.
With Neil Shearing out this week, Chief Asia Economist Mark Williams is on The Weekly Briefing from Capital Economics to tell David Wilder why China faces a wrenching economic future – and why officials at the National People’s Congress seemed so unfazed about the growth challenges.
Plus, speculation…
The skinny
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