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ABCT and 'Bureaucracy' in China

September 14, 2007

Tags Booms and BustsGlobal Economy

In their eagerness to keep the pot boiling somehow, somewhere, many financial pundits are spinning the line that Emerging Markets now offer a form of 'safe haven' from the problems affecting Western credit markets — an angle that finds an immediate resonance with the many who have been seduced by the sheer magnitude of the numbers involved in any description of China's recent rise.

Some of those numbers do not bear such close scrutiny, however, suggesting as they do that a violent credit expansion — one made worse by pervasive government interference in the nascent market — may be nearing its inevitable conclusion.

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