Cameron Abadi and Adam Tooze
China’s government recently announced a 5 percent growth target for the country, which surprised many analysts in the West, where the consensus has been that China is struggling amid economic headwinds ranging from a burst real estate bubble to de-globalization. Some even suggest that the 5 percent target is the result of Beijing fudging its own economic data. What’s not in dispute is that the Chinese economy, after a historically rapid rise, needs to change some of its economic foundations to continue that rise in the future.
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