The best summary of the bearish case for the Chinese economy was made, as it happens, by China's Premier Wen Jiabao, who in 2007 described the country's development model as “unsteady, unbalanced, unco-ordinated and unsustainable”.
China has made a remarkable recovery from the global financial crisis, growing by 8.7 per cent in 2009, fuelled by a decisive and huge fiscal and monetary stimulus programme.
But with investment in infrastructure acting as the main driving force behind growth, and exports soaring while the currency remains pegged to the dollar, the question remains about whether Mr Wen's diagnosis still stands.
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