After decades of being described as an “economic miracle”, powerful structural drags are threatening to throw China down a medium-run equilibrium of low growth.
The economy will have to rely on weaker fundamentals in terms of demography, productivity and economic structure to carry it forward to the next stage of growth.
Together with a more hostile global environment, China and the world will need to get used to structurally lower growth rates unless deep-seated reforms are completed.
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