``The media can talk in glowing terms all it wants about China's economy, but the truth is very different. It is instead consistent with the rest of the global economy in 2017, striking only for the distinct lack of momentum as "resiliency." Enough time has passed since the end of the downturn in 2016 that if this was going to change it would have. Whether in trade or local economy terms, going back to 2011 there is a ceiling on even the rebounds. There is something still very wrong with the economy, as even though it might be better this year than last it is still far short of normal... Neither rebalancing nor global recovery are in China's future. A 2014 Chinese government study concluded that as much as $6.8 trillion in so-called investments had been wasted from 2009 to that point.''

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