PROPERTY BUBBLE

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China: The birth pains of a new economy

BEIJING | By Andy Xie via Caixin | The quality of China’s GDP growth is rising with falling property prices. The economy is diverting resources away from wasteful bubble activities to productive ones. While growth is slowing, it reflects shrinking of the bad GDP. Two-thirds of the economy is still expanding steadily. More importantly, China is experiencing a labor shortage due to a shrinking of working-age population and steady economic expansion. The economy is in a strong position to absorb the fallout of a deflating property bubble.



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“Europeans are not productive enough to defend their living standards”

Famous for his provocative views on international economics and China’s rise, Andy Xie is an independent economist who predicted the Asian bubble in 1997. Based in Shanghai, he is a former Morgan Stanley star chief Asia-Pacific analyst. We interviewed him for our summer interviews on China’s challenges, the eurodrama and his forecast for the future. For Mr. Xie, Wall Street bankers are viewed in China as “a bunch of corrupt…