“For the nations that were banking on China staying the course of the old manufacturing commodity-intensive investment led growth model, I think there will be a lot of disappointment,” said Mr Roach, now a senior fellow at Yale University’s Jackson Institute of Global Affairs.
“The new growth dynamic is slower, services intensive and commodity-light rather than commodity heavy.”
“Australia is right on the leading edge of being in denial about what this shift means for China’s claim on global commodity markets.”
“It’s a double whammy for a country like Australia.”
Cue Mad Adam.
