China's economic retooling will take time

Domestic consumers remain hesitant as they are called on to fill the gap left by a drop in exports.

The latest set of GDP figures from China have confirmed the widely held belief that the economy is slowing, and slowing fast. In the fourth quarter of last year, the economy expanded by 6.8% year-on-year, the slowest growth since the fourth quarter of 2001, and significantly less than the 9% growth recorded in the previous quarter.

With global trade evaporating, China's economy must find less sustenance from exports, and more from domestic consumption. This is not a new idea -...

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