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China's Economy Slows but its Global Influence Continues to Rise

Author: Joshua Kurlantzick, Senior Fellow for Southeast Asia
August 10, 2013
The National

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Over the past month, global financial markets have become terrified by the prospect of a Chinese economic slowdown.

In recent weeks, China's money markets have slowed to a near halt, China's stock markets suffered roller-coaster whiplash, and many western fund managers have reduced their China exposure.

Outside the country, pessimists returned to a familiar refrain: Chinese banks' debt loads signal the arrival of an event that doomsayers have been predicting for three decades - a meltdown of China's economy.

A severe slowdown would be catastrophic for China's global power, which is dependent on its high levels of growth, since a fast-growing China serves as a model to other developing nations, allows Beijing to amass vast quantities of US debt, and gives Beijing a far greater say in global institutions.

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