Five years after the worst economic crisis since the Great Depression, developing nations confront a nasty pair of threats _ an excruciatingly slow global recovery, and the tsunami of easy money that rich-world central bankers have unleashed as they try to revive their own economies.
The problems are interrelated and no one should fear them more _ or be more open to suggested remedies _ than Xi Jinping. China's new president knows he needs better than 8% growth to maintain social stability in the world's most populous nation.
It's sobering that Bert Hofman, the World Bank's chief economist for East Asia and the Pacific, senses a fundamental shift in China's trajectory. He says China will be expanding only 6% to 7% by the end of the decade. Factory-worker grumbling about Communist Party billionaires will get much uglier when China's export machine seizes up, and jobs disappear.
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