Opinion | The great growth story of China awaits a modern-age epilogue


Most mental models about the Chinese economy are quite understandably based on the spectacular transformation of that country over the past four decades, from a miserably poor country to a powerhouse that could challenge American dominance of the global system. It is a record with no parallel in history.

The development model was something like this. China recorded high rates of economic growth, saved nearly half its national income, relentlessly focused on capital accumulation, powered an export engine to overcome a limited domestic market, welcomed foreign direct investment, plugged into global supply chains and kept its public finances more or less in order.

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