The pace of Chinese economic growth has fallen by more than half since 2007 and has become increasingly dependent on unsustainable growth in debt. The demographic picture, too, looks forbidding. China’s working-age population is declining and expected to fall by roughly 25 million people by 2030. And although lots of countries have suffered from anemic growth in productivity over the past decade, productivity in China appears to be declining and shows few signs of reviving.

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