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China's slowdown is good news for the U.S.

China's slowdown is good news for the U.S.

U.S. stocks have endured a lot of turmoil, but recent shocks have made apparent important facts about China and the shifting global economy long ignored by many analysts and investors. Those bode well for America and the bull market should soon resume. Faulty accounting standards make it dicey to assess the true profitability of most publicly traded Chinese companies. Bond ratings, often a good first indicator of business health, are outright frauds in the Middle Kingdom — 97 percent of Chinese companies score AA or AAA, as compared to 1.4 percent for U.S. businesses. Only 39 percent of Chinese shares are actively traded, with the balance held by government entities or company...

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