Inner Mongolia: China’s turbulent secret. Worth reading as a counter to the generally benign progress visible in China’s Tier 1 cities. Not all roses, by any stretch.

End of cheap labour. It’s all very well hoping that we can move the world’s manufacturing to another country than China, but apart from India, there’s nowhere big enough. Possibly the most important question of our time is whether the growth in Chinese domestic consumption can cope with the wage (and other) inflation. If not, the world will be in a considerable mess. If it can, we might struggle through.

Roll on the next unexpected technological innovation.