Who’s riding on China’s bubble?

China’s government is trying to deflate a massive credit bubble and to steer away from a growth model based on debt-fuelled investment and exports, to one based more on domestic consumption and services.

Whether China’s landing ends up being hard or soft, it will have a major impact on the rest of the region. So which countries in the vicinity will suffer most from a Chinese slowdown?

As Morgan Stanley points out, China now accounts for 55% of the output of Asia (excluding Japan) and a quarter of the region’s trade – 25% of the region’s exports now head to [...]

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