Analysis tends to oscillate between two extremes. The first is that the China experience is unique and that a developed China will change the world unrecognisably; the second is that the China growth experience is a myth, based on a fraud of artificially cheap capital, and the economy will eventually collapse in a heap.
Predictably, the truth turns out to be rather less exciting. Economic growth can only be achieved in three ways: by adding capital, by adding labour or by increasing productivity.
