As we count down the days and now the hours towards the beginning of 2015, what preoccupies most soothsayers of the outlook for the global economy in the coming year is the shape of the Chinese economy. Nudging the United States as the world’s biggest economy in real terms — measured in purchasing power parity it already accounts for 16 per cent of global output — anxiety about how long its growth rate, at more than twice the global average, might continue at this pace is on the rise.
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