For as long as I can remember I have been reading financial reports about the coming ‘hard landing’ in China – and explanations from the financial wizardry as to why there won’t be a hard landing as long as the Communist Party is in charge and in funds. Last week it seemed that the wizardry had finally been proved wanting, with consecutive days of near 10% falls in the mainland and Hong Kong stock markets, and enough downs and ups in Western markets to make it seem as if the day of doom was close to hand. Is this the end of the China boom? Is it the beginning of the next recession? Could this be the final, violent phase of the global crash that began in 2007?
First published in Capx.co: read more here