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Could China Be Turning a Corner?
Doomsayers have plenty to work with in China. The country’s rapid buildup of debt -- reaching approximately 260 percent of GDP, from 160 percent less than a decade ago -- seems almost guaranteed to herald a financial crash or at least a major correction, quite likely followed by years of stagnation. If the world’s second-biggest economy ultimately defies the doubters, though, this may well be seen as the year things turned around. Consider this: China is on track to see its best nominal GDP performance since 2011, even as credit growth remains moderate. First-half GDP numbers show that the economy is now ... (full story)