28 October 2017

To Grow Stronger, China Has to Grow More Slowly


Ruchir Sharma 

When President Xi Jinping of China took power in 2012, digital cash hardly existed. Last year, the Chinese made $9 trillion in mobile payments, 80 times more than Americans. Chinese consumers pay for 25 percent of their purchases with digital cash delivered by a mobile phone app, and about one in seven carry no paper currency. In big cities like Shanghai, it’s hard to use paper to pay taxi fares or restaurant bills.

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