China has powered ahead of other nations in terms of industrial and export development, to the point where it is now seen by rivals (not least the US) as a threat that must be countered by trade protectionism. But most analyses of its success overlook the key role played by China’s financial system.
The mirror image of that success is the failure by many Western economies to nurture savings collections and investment systems that are well attuned to promoting balanced economic growth. Fund…

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