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Black Monday: is the Chinese ‘miracle’ over?

China's problems are built into a system which it is struggling to reform

By Isabel Hilton  

A man walks past an electronic stock indicator of a securities firm in Tokyo. © AP Photo/Shizuo Kambayashi

This August will not be remembered kindly in China. As trading on the Shanghai exchange opened on Monday, the slide that the government had struggled to contain for more than a month resumed with a vengeance. By Tuesday, Shanghai had fallen below its pre-bubble level, erasing the gains of the last 12 months.

This time,…

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