True, but not much of a threat in a negotiation when the first to suffer will be the Chinese Communist Party.
China has prospered by building an export-oriented economy. But China's growth has depended on US households, aided by irresponsible financiers, acting as "consumers of last resort". The US needs to consume less.
But a slow-down in industrial China is a very worrying prospect for the Chinese Communist Party which seems caught between a rock and hard place: if ti succeeds in changing China's economic structure, it will almost surely also have to give up a great deal of power; and if it fails, it will almost certainly be ousted from power.
Charles Diamond, economist and consultant to investment managers, takes a pessimistic view of the outlook for the USA, China and therefore the rest of the world: expect the rise of the nationalist right in the USA and political instability in China.
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