Notes

Under pressure. Since January 1, China’s main stock markets have been in sharp decline. Hong Kong’s Hang Seng Index, where most major Chinese corporations are listed, has declined by more than 12 percent. As a result, state-owned banks have moved to stabilize China’s currency, as investor sentiment turns against the People’s Republic.

Last August, Victor Shih explored the underlying, long-term trends behind the Chinese economy’s increasing fragility.