Economic output in Asia, excluding Japan, is expected to grow by more than 7% this year. China itself has had six straight years of GDP growth of more than 6%.
Stephen Roach, chairman of Morgan Stanley Asia, accused Asian cheerleaders of "a worrisome sense of complacency."
"Private consumption in China is 35% of GDP – no country in the world has so small a proportion of output going to domestic consumption."
Stuff.co.NZ reported that Lou Jiwei, head of giant sovereign wealth fund China Investment Corporation, said, "China is now ranking number two in the world, surpassing Japan."