As we know it and many financial analysts and economists said, the China boom economy is unsustainable and finite due to luck of native resources, only countries have native resources to sustain their economy growth.
China's economy is finally hitting a wall after years of optimism about the nation's future, Larry Summers said.
According to Summers, US GDP is set to exceed China's for another generation.
"No one should conclude that we can be complacent about the Chinese geopolitical challenge," he added.
China's economy is finally hitting a wall after years of optimism about the country's future, former Treasury Secretary Larry Summers said.
"There can now be little doubt that just as the conventional wisdom way overstated the economic prospects of Russia in 1960 and Japan in 1990, so have China's prospects been greatly exaggerated in this decade," Summers said in a Washington Post op-ed.
"As with Russia and Japan, this reflects the fact that countries whose growth is driven by super-high capital investment in manufacturing eventually hit a wall," he added.