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Evaluating China after the crash

There is little panic as jobs continue to be created, although the credibility of policymakers has been undermined.

Given the modest nature and limited effectiveness of the stimulus measures that China is likely to implement, the rest of the world's cause for nervousness about China seems unlikely to disappear for long.

THE debacle in the equity market will have limited direct spillover to the real economy. None of the conversations we had in Beijing last week revealed any sense of panic about the economic consequences of the equity market collapse.

This is thanks to the relatively small number of...

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