Abstract
China's economy ended 2015 with 6.9% growth, basically no different from the 7% target set. However, the slowdown had gathered momentum, despite the central bank's six rounds of interest and four rounds of reserves requirement ratio cuts. The 2016 growth is likely to be even lower. China has started its restructuring with several critical transitions taking place simultaneously. For 2016, the two dominant issues are the serious debt problem and exchange rate stability.
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