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Burkitt, L. (2012). “Report: China’s Health Care System: Deeply Sick”, The Wall Street Journal, August 29.

Haung, Y. and T. Khanna (2003). “Can India Overtake China?”, Foreign Policy, July/August.

Maliszewski, W., S. Arslanalp, J. Caparusso, J. Garrido, S. Guo, J. S. Kang, W. R. Lam, T. D. Law, W. Liao, N. Rendak, P. Wingender, J. Yu and L. Zhang (2016). “Resolving China’s Corporate Debt Problem”, IMF Working Paper No. 16/203.

Nagaraj, R. (2013). “The dream run: 2003–08: Understanding the recent boom and its aftermath”, Economic and Political Weekly, 48.

Nagaraj, R. (2014). “Economic challenges to the new government: A policy proposal”, Economic and Political Weekly, 49(21).

Nagaraj, R. (2015). “Seeds of doubts on new GDP numbers: Private corporate sector over-estimated?”, Economic and Political Weekly, 50(13).

Shin, H. S. and L. Y. Zhao (2013). Firms as Surrogate intermediaries: Evidence from Emerging Economies, Asian Development Bank. Available at: http://www.princeton.edu/~hsshin/www/Firms_as_surrogate_intermediaries.pdf.

The Economist (2016). “Chinese property: When a bubble is not a bubble”, The Economist, October 13.

Wu, H. (2002). “How fast has Chinese industry grown? — Measuring the real output of Chinese industry”, The Review of Income and Wealth, 48(2): 179–204.

¹Harry Wu of the Conference Board has been a long-time critic of the official statistics. More recently, Christopher Balding of HSBC Business School in Shenzhen has written extensively on the issue.

²More recently, officials at one of the provinces, Potemkin, admitted to falsifying output data “A big Chinese province admits faking its economic data” (The Economist, January 28, 2017).

³For a synoptic view of the debate between the official position and the critics’ viewpoints, see http://www.ideasforindia.in/article.aspx?article_id=1728; or, refer to the symposium. For details refer to Nagaraj (2015).

⁴Uprooting rural settlements to house them in multi-storied apartments seems to have caused considerable dislocation in rural economic activity and rural way of life.

⁵This is a gist of the India’s story of “Dream Run” of 9% growth rate. For a detailed account of the boom and bust, and policy options to revive growth, refer to (Nagaraj, 2013, 2014).

⁶Disconcertingly, much of the so-called FDI into India lately represents import-led growth financed by private equity funding of e-commerce companies.

⁷Before the 2008 financial crisis, very few really believed that there was a bubble in the sub-prime market in the US. There was an oblique hint of it in Raghuram Rajan’s paper in the 2006 Jackson Hole conference, a suggestion that Lawrence Summers rejected outright.