China’s stock market fell by more than a third over the past month, wiping off more than $3tn in value in what must rank as one of the most rapid destructions of wealth in history.
Markets have been focused on Greece but this is a bigger deal. It has long been fashionable to predict a cataclysm in China and there is plenty to worry about.
The economy is heavily indebted, balance sheets are opaque, a command economy has created massive excess capacity and property prices are falling. Doomsayers say it is only a matter of time before we all get dragged into the deflationary spiral.
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