Word of China’s wealthy elites losing faith in the future of China’s runaway economic success story comes with the country at a major crossroads of a trade dispute with the US and a general slowdown in growth.
China’s economic growth, while still very high by the standards of developed economies, is slowing. At the end of 2018, it expanded at its slowest year-on-year pace since the height of the Great Recession.
The Chinese economy grew by 6.6% over a year earlier, down from 2017’s 6.9%, official data suggested in January.
Not only is growth slowing, but many Chinese elites are said to be fearful that the economic liberalization that helped make China the second-largest economy on earth is stuttering.
As I was just saying…