The world’s second-largest economy is going to make a hard landing one day, China watchers have speculated for several years. The fact is, though, the Middle Kingdom already is well on its way. Let’s first examine the “official” top-line numbers. In 2007, a year before the great global crisis, China’s real gross domestic product expanded at a 14.2 percent clip. Last year, it grew at 6.9 percent, representing a 50 percent decline.
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