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Morgan Stanley economist Stephen Roach gives comprehensive rebuttal to “the cottage industry of China doubters” in a new article at Project Syndicate.10 reasons why China is different include:
- Careful strategy.
- Commitment to stability.
- High domestic savings.
- Rural-urban migration.
- Potential gains for consumption.
- Potential gains for the service sector.
- High foreign investment. Increasing education.
- Lots of innovation.
Roach writes: “Unlike the West, where the very concept of strategy has become an oxymoron, China has embraced a transitional framework aimed at resolving its sustainability constraints. Moreover, unlike the West, which is trapped in a dysfunctional political quagmire, China has both the commitment and the wherewithal to deliver on that strategy. This is not a time to bet against China.“
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