5 (More) Things China Hasn't Changed In 5 Years

About year ago this blog ran a post called “5 more things China hasn’t changed in 5 years.” Suddenly everything is changing. Economic growth that steers much of the world’s trade and finance will slow to 7% this year from an official 7.3% last year, per an Asian Development Bank forecast. The yuan currency weakened 3.5% in August against the U.S. dollar, a hit to importers. Share prices on the benchmark Shanghai index have dropped almost 2,000 points since a historic peak in June because investors distrust stocks as well as China’s economic pivot from reliance on heavy industry to services and domestic consumption.