Nobody knows where this is headed. China’s markets (still up more than 80 percent over year-ago levels) were due for a major correction, and the warning signs of an economic slowdown have been flashing for some time. On top of that, China’s export-oriented growth model has long since reached its sell-by date, and the government has been trying to engineer a complex and risky transformation, basing (slower) growth on domestic consumption more than on an ever-accelerating flood of exports.
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