ML-Implode News - China's economy expanding at slowest pace since 1999

James McGregor, a journalist and businessman with more than 25 years experience in China, says the Chinese economy is undergoing a difficult transition and may have to let growth slow while it implements changes.
"The old economic model does not work any more with state planning, state-owned enterprises, state banks, all this credit -- they have to move towards a consumer economy," he said in an interview with CBC's The Lang & O'Leary Exchange.''

"At the same time they're struggling not to let it slow down too much because the government's only credibility is growth."

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China's economy expanding at slowest pace since 1999