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China's Borrowed Growth
By WEIJIAN SHAN
China's economy is a paradox. On one hand, it has been growing at an average
annual rate of 8.6% since 1980, outperforming any other country at any time in
history for such a sustained period of time. On the other, Hong Kong's Hang
Seng China Enterprises Index, which tracks the stocks of some of China's most
prominent companies, has fallen by one-third since its inception in 1993.
It's hard to understand how China can grow at such a record rate |
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