China's Dilema - Jeff Snider does some analysis of the situation in China. Broadly speaking that the government was able to transform the economy over the past 40 years. They needed to move a billion people away from subsistence farming, and into cities, creating and growing a middleclass in the population.
It's been grueling, with many authoritarian regulations, but the promise has been that people's children would have a better more middleclass life. It's been a successful strategy so far, however the economy is now faultering, and it looks as if 300 million people have not made it to the promised land. The leadership is slowly acknowledgeing the reality and is trying to break the news that the economic miracle is coming to an end. #