China’s economy traditionally relied on export-led industrial growth, but after the financial crisis of 2007 and 2008, it has depended more on credit-fueled spending and infrastructure investment by the state. The government recognizes that that model is not sustainable indefinitely and is trying to bolster consumer spending.

It would also like to rely less on the heavy industries that have polluted the environment. But as it tries to rebalance the economy, it is also battling a mini-crisis in the form of falling housing sales and a slowdown in construction of new homes.

-- The Washington Post on April 15