China’s Dependence on the Property Sector as an Engine of Growth
After twenty years of dazzling development, the Chinese property sector is facing a major crisis. However, beyond its cyclical aspects, this crisis reflects a loss of steam in the Chinese growth model, which is based on a profoundly unbalanced property sector. The authorities are now faced with a dilemma, between the two imponderables of the structural clean-up of the sector and the cyclical recov... Lire la suite