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China's market missteps are tripping up others

China's market missteps are tripping up others

Not long ago, global markets were fixated on a nation in the throes of financial upheaval. Its equities markets were crumbling, its debts sky-high. Media pundits, investors and foreign governments began to question the long-term viability of its political-economic model. Sound familiar? That country was the U.S., and the year was 2008. Wall Street had engineered a financial catastrophe, sending global markets into a tailspin. Yet as Washington bickered, obfuscated and delayed, Beijing decisively injected $586 billion into China's economy, ultimately turning the country into an engine of global growth. Observers commended its distinctive political model — a hybrid of...

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