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Fears of a China meltdown overblown

The recent sell-off was an overdue correction of its asset market and reflects the frictions from economic rebalancing and liberalisation rather than weak economic fundamentals.

Beijing's central business district. China's property market is stabilising and the continued expansion of the service sector has kept wage, job and consumption growth stable.

MANY observers believe that China is in a financial and economic meltdown. Such a concern is causing anxiety and panic everywhere. China is the world's second- largest economy and largest trading nation. Given its growing economic influence around the world, bearish observers clearly think that