China's real estate trilemma

China can't sustain growth, boost productivity, and make the middle class whole all at the same time.

It’s been kind of a slow economic news month here in the U.S. of A., as conservative Democrats quietly carve up Biden’s big spending bill, Delta Covid weighs quietly on business activity, and everyone waits to see if inflation is really transitory. But over in China, big big things are happening. Evergrande Group, China’s second-largest property develop…