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).