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Investors take heed of the tale of two Chinas

New China sectors such as services are growing faster, while Old China sectors such as steel manufacturing are losing momentum.

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Consumption is the engine of the New China, as the younger generation - who are more self-indulgent than their forebears because the former grew up in an era of prosperity - form a greater proportion of the population.

CHINA'S stock market cannot be taken at face value and the quadruple-whammy events of January 2016 are a case in point. The CSI 300 index ended 21 per cent down for January!

The market selloff, coupled with fears of a sharp yuan depreciation, George Soros's and several other major hedge

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