China's Slowdown Is A Sign Of Middle-Class Gains, Not A Reason For Panic

China’s Slowdown Is A Sign Of Middle-Class Gains, Not A Reason For Panic Peter Hilsenrath, The Conversation

It’s too easy to think China’s economy is in a downward spiral, given recent headlines in the US press, from “China’s Middle-Class Dreams in Peril” to “Is China Really Collapsing?”

The world has been awash with such pessimism. And fumbled reactions by China’s leaders to disasters, excessive financial speculation and other problems raise concerns about governance. It may even raise questions of long-term stability.

A transition away from a reliance on exports toward consumption and services is under way, as well as the rapid creation of a middle class. It is not an easy or smooth transition, and financial...