In the latest sign of a slowing economy, activity in China's vast manufacturing sector slipped to an 11-month low in July.
BEIJING: Indian economist Ruchir Sharma has become a celebrity of sorts here as he predicted that the "era of BRICS is over" and that China is the only nation in the five-member bloc which has better prospects of breaking out of the middle income trap.
China is the only one of the emerging BRICS nations (Brazil, Russia, India, China and South Africa) that is likely to break out of the middle income trap, state-run China Daily, which devoted its entire page covering the launch of Chinese version of Sharma's book 'Breakout Nations: In Pursuit of the Next Economic Miracles', quoted him as saying.
Sharma who heads emerging markets and global macro at Morgan Stanley, however, says it will still be a difficult journey for the world's second-largest economy.
China is the only one of the emerging BRICS nations (Brazil, Russia, India, China and South Africa) that is likely to break out of the middle income trap, state-run China Daily, which devoted its entire page covering the launch of Chinese version of Sharma's book 'Breakout Nations: In Pursuit of the Next Economic Miracles', quoted him as saying.
Sharma who heads emerging markets and global macro at Morgan Stanley, however, says it will still be a difficult journey for the world's second-largest economy.
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