Stephen Roach: Don’t bet against ChinaGuru watch

Morgan Stanley’s Stephen Roach was one of the few people who warned of a US property bubble before it burst, and was rightly sceptical of the idea that Asia could decouple from the West. As far as China is concerned, however, he’s among the optimists.

Morgan Stanley's Stephen Roach was one of the few people who warned of a US property bubble before it burst, and was rightly sceptical of the idea that Asia could decouple from the West. As far as China is concerned, however, he's among the optimists.

"Year in, year out, China has defied the naysayers," he says on Project-syndicate.org. Over 30 years of reform have "unlocked its economic dynamism". Its latest major move will be to shift from reliance on exports to the development of services and "a flourishing consumer society", underpinned by the construction of a "social safety net" to encourage spending rather than saving.

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