China’s GDP Hit Tells Story of Hubris Run Amok

July 17 (Bloomberg) -- The lesson from recent economic dataand policy moves in Asia is this: Hubris still has its costs.

In recent years, Asia believed its own press a little toomuch. The way it steered around the financial crisis of 2008,the dizzying stock gains, the migration of bankers from New Yorkto Hong Kong and the region’s mergers-and-acquisitions bingewere all interpreted as immutable signs of Asia’s economicarrival.