India, Vietnam and Mexico are picking up the pieces of China’s broken economy
China’s two-decade growth surge prior to COVID was greatly aided by three forces — the liberalization of land development, accelerated urbanization and increased homeownership; entry into the WTO and resulting foreign investment, and industrial policies that created global competitors in next-generation industries. To varying degrees, all of these forces were built on shaky financial foundations. For land development and urbanization, China’s municipal governments …
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