Mandating top-down economic growth is not enough.
Global overcapacity, plunging demand, and a price war.
What do they see that we don’t?
Commercial Vehicle Overcapacity at Catastrophic Levels.
New king of foreign M&A, at peak prices, funded by state-owned banks.
Don’t count on us, it said.
And yet, China’s debt goes parabolic.
Fabled transition to a service economy? Forget it.
Or Decades of Japan-Style Stagnation?
It’ll devastate China’s economy and reverberate around the world.