China's economy is stumbling and is likely headed for a lost decade similar to Japan's.
That's according to former IMF official Desmond Lachman, who said China may no longer be the world's growth driver.
But a lost decade also means "we no longer need to worry that China will eat our economic lunch."
"One silver lining of a likely lost Chinese economic decade is that we no longer need to worry that China will eat our economic lunch," Lachman added.
"As occurred with the supposed Japanese economic miracle in the 1980s before it, we will find that the Chinese economy had clay feet."
Persons:
Desmond Lachman, —, Lachman
Organizations:
Service, International Monetary Fund, American Enterprise Institute, Federal Reserve
Locations:
China, Japan, Barron's