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Is China headed down the path of decline?
The next three to five years will be difficult and fraught with risks. But a fitter economy – and fairer society – could emerge from the present pain.
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The next three to five years will be difficult ones as China undergoes the throes of deleveraging.
PHOTO: REUTERS
Tan Kong Yam
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In a third-tier city in Hunan province stands a local government building that looks like a copy of the United States Capitol in Washington. Over in Chengdu, in Sichuan province, the city authorities were more inspired by flowers – they approved the construction of a cluster of grand buildings that collectively resemble a lotus bloom when viewed from the air.
Today, these look like monuments to excess at a time when global attention is on China’s economic struggles –
