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Some blame falling global demand, but borrowing by government and property sector has held back growth
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Kenneth Rogoff with an interesting article that the current state of the Chinese property market can be traced back to the global financial crisis of 2008, and is, effectively the result of a debt supercycle. He argues that low borrowing costs, and China's massive investment programme, has generated a debt supercycle, that has caused the Chinese economy as a whole to experience a slowdown.