Almost from the moment it began, the end of the Chinese economic miracle has been much anticipated. Thick and fast, the books have come explaining how it will end badly. Overinvestment. A country wallowing in debt. The collapse of the property market. Political repression. The demand for democracy from a growing middle class. All have been put forward as reasons for the inevitable terminal crisis.
Even those impressed by the country’s rapid growth took comfort from the notion that the west would continue to dominate advanced manufacturing while China would be stuck assembling TVs. And while the wait for its much-predicted demise has gone on and on, China has become the workshop of the world.
