What does this mean for the U.S.?
Households aren't broke, the available data indicate. They're just exhibiting a reluctance to spend. Flurries fall earlier this month at a shopping area in Beijing. On paper, China's middle class ...
On paper, China’s middle class should be spending. Savings are high. Bank deposits are swelling. Interest rates are falling. If anything, conditions look primed for a consumer boom. Instead, something ...
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