The Financial Times:
China’s economy has risen to become the world’s second-largest without the existence of entire industries, most of them in the service sector and leisure, which are taken for granted elsewhere. From private aviation to yacht-building, industries are emerging that will help offset the decline of coal, steel and other sectors emblematic of China’s “old economy”.
Jeffrey Towson, a business professor at Peking University and a former investment executive at the Saudi Arabia-basedKingdom Holding Company, argues that it is easy to be “too pessimistic” about the Chinese economy. “Looking at macro stuff in China does that to people,” he says. “Things are much more optimistic at a micro level.”
Mr Towson points to “unlimited demand” for everything from entertainment to healthcare, which are growing at double-digit rates and will continue to do so for the foreseeable future...
“You can keep watching more and more movies and taking more and more vacations,” Mr Towson says. “That is different from buying a washing machine or a sofa. People don’t buy five washing machines.”More in the Financial Times.
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