China has been roiling global markets all summer as its authoritarian leaders try to stop a huge stock bubble from bursting and its slowing economy from stalling. But the equity market collapse accelerated after Beijing opted in early August to devalue its currency for the first time in more than two decades and now the government faces growing questions over its policy-making competence.
With a debt load bigger than the US or Germany, an economy overly dependent on credit-fueled property development and capital flight accelerating, what will China’s Mandarins do next to avoid what many believe is a gathering economic crisis?