CHAIRMAN MAO ZEDONG was a fan of meetings. “Whenever problems arise, call a meeting,” he wrote in 1949. “Place problems on the table.” Otherwise, he warned, they can drag on for years. A tableful of problems now beset China’s economy, including deflation, debt distress and demographic decline. A property slump has eroded confidence and hurt the land sales that help finance local governments. China also faces growing opposition from trading partners, who are limiting what they sell and buy from a country they now count as a geopolitical rival.
The Economist
