It's hard to be scared of normal. That might be why China's latest meme has caught on so fast. Economists, business leaders and most lately Premier Li Keqiang have used the phrase "new normal" to explain China's slowdown. The insistence on normality mainly disguises the fact that the current situation is anything but. Western pundits embraced the term five years ago as a way to describe economies ravaged by the financial crisis. In China, President Xi Jinping started the craze in May as a snappy way of rationalising slowing growth. That deceleration is reflected in ...
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