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China’s Running Out of Cheap Fuel

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The following is an excerpt from Daniel Rohr | October 5, 2017 | morningstar.com |

Ever since China’s economy began to slow from last decade’s double-digit pace, investors have quarreled over the country’s growth prospects. At various times, bulls and bears have each glimpsed apparent victory, only for a reversal of China’s credit cycle to hand narrative momentum to the other side. The long-term outlook remains unsettled, and the debate continues.

Perhaps no question matters more to investors globally. Over the past 10 years, China has been the single largest contributor to global GDP growth, accounting for nearly one third of the world total. Meanwhile, China has become the world’s biggest buyer of everything from automobiles to airplanes to oral hygiene products.

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