Could China’s credit slowdown lead to a crash?

Markets took some comfort this week from data showing that China’s economic growth slowed by less than feared in the first quarter of this year. GDP growth came in at 7.4% over the first three months of 2014, from 7.7% in the fourth quarter of last year. “However, that was it for the good news,” says Société Générale’s China economist Wei Yao.

Companies are complaining of a double whammy of rising costs. Wages are surging as the supply of cheap labour from the countryside dries up. Meanwhile, a credit crunch – engineered by a government keen to [...]

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