Visiting Hong Kong for the first time in two decades, I see evidence of breakneck economic transformation everywhere: swathes of new skyscrapers, enticing shopping malls, filled with outlets selling nothing but luxury watches, and everywhere a crush of cheery tour groups from China’s booming mainland.
Someday the music may stop. That fear sent global central banks and markets pivoted on Chinese growth into panic when China last suffered an economic hiccup in 2015. A recent IMF working paper, “Credit Booms — Is China Different?” published last week on the new regional ARX platform from CFA Institute, suggests that a downturn is inevitable. A generation of young investors unschooled in market volatility may receive an unpleasant shock. READ MORE
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