By James Hires Since 1990, China’s economic engine has been an impressive machine.
Since 2010, however, it seems to have blown a cylinder.
While a 6.6% growth rate is something most countries would kill for, China’s growth has been declining year after year.
So what’s happening?
In short, the “Middle Kingdom” (Mandarin translation for the country’s name) is shifting from developing to developed. Meteoric growth is common in poor countries where labor is cheap and plentiful.
That’s how China used to be. But its economy is a fundamentally different animal now…
China has a burgeoning middle class that’s larger than America’s entire population. It’s outsourcing its cheap labor to …read more