Fears of a housing market crash are weighing on forecasts for global growth. But this time it is China, not the US, which is causing concern in a sign of the shift under way in the world economy.
Ask economists what factors could hamper global growth this year and the majority will reel off a list that includes a hard landing for the Chinese economy.
The alarm is caused by property, with Moody’s Investors Service warning in its latest outlook that a “steep housing downturn in China could derail the global recovery”.
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