News Snapshot:
Customers wearing face masks following the coronavirus disease outbreak shop at the Beijing Department Store in Beijing, Sept. 24. Photo: tingshu wang/Reuters Investors around the world appear to be taking comfort in the revival of China’s economy, but the question has to be which Chinese economy they’re watching. There are two, and Beijing is subsidizing growth in the wrong one. Look beyond encouraging data such as the second quarter’s above-3% GDP growth, and what’s reviving is the export-and-government-driven manufacturing economy. As of August, manufacturing investment is positive again and this is driving industrial production and exports. But the Chinese economy...
