Saturday 10 December 2016

Athens may top news agendas - but China is the one we should be worried about

Jeremy Warner

Published 09/07/2015 | 02:30

The 30pc fall in the Chinese stock market is being likened to the 1929 Wall Street crash - the beginning of the Great Depression
The 30pc fall in the Chinese stock market is being likened to the 1929 Wall Street crash - the beginning of the Great Depression

While all Western eyes remain firmly focused on Greece, a potentially much more significant financial crisis is developing on the other side of world. In some quarters, it's already being called China's 1929 - the year of the most infamous stock market crash in history and the start of the economic catastrophe of the Great Depression.

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In any normal summer, a 30pc fall in the Chinese stock market after an ascent which had seen share prices more than double within the space of a year, would have been front page news globally.

Yet the pantomime of the Greek debt talks has relegated the story to little more than a footnote - even though more than a third, of companies have now suspended trading on China's two main indices.

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