There is a lot of noise coming out of China, obfuscating the underlying malaise there.
The Belt and Road Initiative has been shelved as defaults mount and the spin has shifted to the six invited new members of the BRICS. The ill-advised COVID lockdown has been reversed. Evergrande, Country Garden and other developers are in deep trouble as the stock of unsold apartments, already large, becomes unmanageable.
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Adrian Blundell-Wignall writes on the world economy and is a former director of the OECD. He is currently in Paris.
