Evergrande crisis: A modified script may need to be written on China

This crisis could mark the end of the long run of "miracle" growth that made China the world's second-largest economy, and a challenger to the US in economic and strategic clout, writes T N Ninan

China makes the biggest single-country contribution to global economic growth. As the world’s manufacturing hub, and its leading trading nation, it is the primary contributor to changes in global demand and to trade in virtually every commodity. This year, China is expected to contribute more than a third of global growth. It follows from all this that if China slows down, the world will slow down. And if Chinese demand falls, prices will fall for everything from oil to steel. The repercussions will be felt in all markets, including in the world of finance.
 
So the crisis in China’s