Is China’s economic miracle a mirage?      

Doubts are beginning to be heard about how sustainable is China’s economic miracle, particularly the relentless emphasis on exports and investment spending by hundreds of state-owned enterprises (SOEs) and local governments. Beijing, of course, has its supporters, including banker turned academic Stephen Roach, non-executive chairman of Morgan Stanley Asia as well as a faculty member of Yale University, who asserts that China is different, bigger, special, the superpower that will defeat all the odds. (The Japan Times)

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