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Impact of global market turmoil

The gyrations felt in the world's markets had their roots in China, but Asia's giant was just shifting over to a new way of growing.

China's rate of growth in the last 40 years had become untenable, so if the global market turmoil can be viewed from the perspective of China's need to reorientate its growth strategy, the world will be seen to have overreacted to the Asian giant's adjustments.

WHAT we are about to see is a major restructuring of the Chinese economy and the pattern of its trade. It will have enormous consequences for Asia, and within that continent, on South Asia. In a way, this is China's "pivot to Asia". The American version focused on military preparedness. The