As Americans guzzled and gulped their way through the 238th annual celebration of the Declaration of Independence, China’s financial markets writhed in what some analysts warned could be the Big One— the long expected bust that would end the world’s longest economic boom.
Researchers calculate that $7 trillion has been wasted on ‘ineffective investments’ by China since the global financial crisis. How this plays out is anyone’s guess, but the least likely scenario is a smooth landing.
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