The BRICS are falling down. According to China they are crashing because:
The overseas Chinese who were brought in to straighten out their market in 2008 have mostly left because it was all for show.
The labor force fraction has been shrinking since @ 2010 due to the 60 year retirement, 55 for women and the one child policy which has only recently been loosened. Other factors such as children born overseas with non-Chinese citizenship do not count but do act as anchor babies for capital flight/brain drain, later school leaving and a lack of women add to the problem. Most sources date this shrinkage later by assuming a later retirement age of 65 and an earlier school leaving of 16.
Wages and debt have both been increasing faster than economic growth.
Similar problems exist in Brazil, Russia, India and South Africa. Brazil's retirement age can be and usually is earlier than China's. Russia and India have greater problems with brain drain than China. South African wage increases were, until the commodity crash, even more wacko than Chinese wages. These rising stars simply priced themselves out of most markets and Africa is picking up the slack.
