“They have three and a half times more banking leverage than we did going into the crisis, and they’ve only been at this banking thing for a couple of decades.”
“The basic architecture of the Chinese economy is broken.”
Another expert also warned recently that China’s economy may now not overtake the US until 2080, and even then it is not an “inevitability” that the US will be superseded.
Nathan Sheets, global chief economist at Citi and a former US Treasury official in the Obama administration, said it is “plausible” that it could take as long as “until 2080” for China to overtake the US
He added: “We now believe that Chinese overtaking is ‘likely’ but we no longer see it as ‘inevitable’.”