Is China's economic future still ahead?

China's economic growth has fallen sharply in recent years, from 14 per cent in 2007 to 7 per cent in the second quarter of this year. Such a decline may well be normal or cyclical, but it is always worrying about the prospects for China's long-term growth. Are the advantages of China's economic future still in place? If so, where exactly?

 To answer this question, it is necessary to understand what made China's growth miracle of 10 per cent a year in the three decades before the global financial crisis.