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The population of China bears seems to keep growing. The already large colony of doomsayers can point to any number of legitimate troubles facing China, from slowing exports growth to an aging population, from real estate excesses to a moribund consumer sector. They use this long list to conclude that the Chinese economy could easily face a cyclical stall, what some term a “hard landing.” But there is a problem with their approach. Many of the issues to which the bears point will take years to have an effect. Other, more immediate problems are already dissipating. For all of China’s very real difficulties, the country will likely experience a much softer landing than the bears fear.

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