This is the next great challenge for Beijing, and when the regulators finally do start to repair overextended balance sheet, with a much higher
debt - to - GDP ratio
than any other
country at China's stage
of economic development, according to a presentation Monday night by my very smart former student, Chen Long, I expect annual GDP growth rates will continue dropping steadily, by 1 - 2 percentage points a year through the
rest of this decade (and there has been increasing talk in the past month or two that GDP growth rates are already 1 - 2 points below the printed rates).