China Faces a Perilous Transition

China is one of the great success stories of the past half-century. But the export-driven formula that has worked so well for 30+ years is showing signs of weakness. Furthermore, it’s becoming increasingly clear that China can’t escape the realities imposed by demography. So, just as Japan faced its demographic day of reckoning in the ‘90s and Europe is currently facing its own crisis, China will come face-to-face with demographic reality a decade from now. China also faces horrendous environmental issues that will create long-term public health implications. However, .....