For almost a decade, economists have been advising the Government of China to "rebalance" its economy away from investment towards consumption. What can be judged of the Chinese economy suggests either that a process of rebalancing is indeed under way, or that the hazards that rebalancing was meant to avoid have finally caught up. Productivity is undergoing a transition; real estate demand and construction demand have slackened; it looks like household savings will decline and consumption patterns will shift. The purchasing managers' index (manufacturing) has read below 50 for multiple recent months. The size and power of the Chinese economy have now reached a level where this has affected multiple sectors, particularly those linked to the commodity markets. Commodities are down across the board in the year to date.
This story is from the September 11, 2024 edition of Business Standard.
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This story is from the September 11, 2024 edition of Business Standard.
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