The sputtering global economy is one shock away from slipping into recession. In the postwar period, every previous global recession started with a downturn in the United States, but the next one is likely to begin with a shock in China. Through heavy stimulus, China was the largest contributor to global growth this decade, but it is fragile. China’s miracle growth period is over, and it now faces the curse of debt.
Ruchir Sharma, “How China Fell Off the Miracle Path”, The New York Times (5 June 2016), SR5.