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China Is Not Just Rising, But Also Changing |
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Australian academic Ross Terrill offers a sobering view in the New York Times on the rise of China to global pre- eminence: “China is more brittle than it looks from the superb restaurants overlooking the Shanghai Bund. Scores of new skyscrapers in Shanghai are half-empty. The government seldom allocates capital to private, commercially rational projects. Banks extend 65 percent of their loans to state-owned firms that produce only 25 percent of the national output. State subsidies make it hard to measure the returns on capital.”
Read the full New York Times article |
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