Worsening financial data on both sides of the Pacific should bring both sides together on trade
In 2010 almost one in five Chinese people lived in poverty. By 2017 that figure had fallen to a little under one in 30, according to the World Bank. It’s an astonishing decline in poverty achieved with a mix of authoritarianism, competitive markets and a huge increase in corporate and state borrowing.
During his state of the union speech last week to Chinese communist party officials in Beijing’s Great Hall of the People, it was clear that Li Keqiang, the prime minister, was worried this situation might go into reverse.