Great piece from the BBC World Service this morning on China's economy in perspective - most notably from Michael Pettis, professor of economics/finance at the University of Peking (from the looks of his bio on the Carnegie Endowment for International Peace he has as much authority to talk on China's economy as anyone) - providing a welcome recalibration of the debate on how far America's relative and absolute decline has been hastened by the rise of this superpower-in-waiting. From 11 minutes onward is Pettis' contribution.
"Sign of a bubble, not a sign of healthy growth"
Minimal consumption when compared to GDP.
Productivity levels 1/10 of USA or Japan.
A similar article for the FT he wrote at the start of November 2011 is here.