China's 4.5% hides an economy that builds less at home and ships more to Europe. Why Beijing can wait for Europe to blink

China beat its growth forecast, and deflation looks finished. Look closer: investment is shrinking, households get little, and steel is leaving the country at a near-record pace. The surplus needs somewhere to go, and America has shut the door. Beijing sees a Europe coming apart at the seams. Who blinks first?]

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