Shocks may pose threat to China, says Nobel winner

Edward Prescott, the Nobel 2004 economics prize laureate, told an economics conference in Singapore on Friday 5 August China's fast growth rate may mean the economy is vulnerable to external shocks.

"China's spectacular rate of growth may not be sustainable, and the country risks the same shocks that hit Brazil in the 80s," he told the conference in Singapore.

"Good things happened in Brazil, but they were hit by shocks and they couldn't handle it in the 80s. And they lost all that ground that

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