Made in China: The next financial crisis?
Writing in the Financial Times, Martin Wolf contends that while it is not a certainty that China will face a crisis, it is essential to consider the possibility.
“Given what is at stake, in both China and the world, it is essential to consider the implications. Maybe the world will then do a better job of managing this process than it has done in the past,” he writes.
This view was echoed in a recent World Bank report. According to the Los Angeles Times, World Bank President Robert Zoellick warned China that its economic model is “unsustainable” and needs to implement market reforms in the near future.