We all know how it ends. Eventually China is overwhelmed by its own bad debt. The dreams of empire crumble to empty vestiges, wealth greys with demographics, dynamism sinks into the rentier bog and endless growth into secular stagnation.
This is China’s destiny and Australia will suffer for it.
But in the meantime we are enjoying a position at the Chinese table that can only be described as gluttonous. We are China’s land banker and it must pay homage.
