It is even possible that the data are understating growth by undercounting the services sector and overemphasising the industrial sector, which is plagued by overcapacity. All we really know is that uncertainty over China’s prospects spiked in the second half of this year.
Along with falling commodity prices, this has fuelled speculation about a possible third chapter to the world economic crisis, with emerging markets taking their turn after the US and the UK, in 2009, and the euro area, in 2011. These events also affect the advanced economies.