• The Chinese economy is facing three secular headwinds that conspire to slow its economic growth considerably.
• Demographics are turning from a tailwind to a headwind and diminishing returns of the credit led boom have already set in.
• The necessary deleveraging process isn’t likely to produce a financial implosion, but it will slow growth significantly and fiscal policy is unlikely to be able to counter this.
• The country is making a large effort to jump up the value chain, which could at least in part provide a counter to these headwinds.

Source: A Chinese Lost Decade? | Seeking Alpha