People in China are so discouraged about the economic outlook that many have taken to social media to call it the "garbage time of history," referring to the end of NBA games when the result is settled and players go through the motions until time runs out.
The problem isn't just cyclical. Wright said "the primary reason that China's economic slowdown is structural in nature is one that Beijing acknowledges: the credit and investment-led growth model has reached a dead end."
"The financial system itself is now constraining China's economic growth rather than facilitating it," Wright explained. "In addition to demographics and the changing external environment, financial constraints are the primary reason why China's economic slowdown is structural in nature."
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