China's trade balance--trade surpluses for decades-- is close to slipping into trade deficits.
At the same time, China's once-mighty pool of savings has diminished as consumption has risen. As a result, China now needs foreign investment more than it did in the previous era.
There has been staggering rise in the cost of living in China over the past two decades. Some services are still dirt-cheap--subway fares are extremely cheap--and private healthcare is a mere fraction of healthcare costs in the U.S.
At the same time, China's once-mighty pool of savings has diminished as consumption has risen. As a result, China now needs foreign investment more than it did in the previous era.
There has been staggering rise in the cost of living in China over the past two decades. Some services are still dirt-cheap--subway fares are extremely cheap--and private healthcare is a mere fraction of healthcare costs in the U.S.
But other costs--housing, food, clothing, etc.--have shot up to the point that our on-the-ground correspondents report that living expenses aren't much different than in the U.S.
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