The Legend of Sea project, co-developed by Country Gardenand Jiangsu Zhongnan Construction Industry in Ningbo.
Photographer: Qilai Shen/BloombergThe Big Take
Run It Cold: Why Xi Jinping Is Letting China’s Economy Flail
China is steering clear of big stimulus even in the face of deflation risks.
Xi Jinping’s quest to rewrite the playbook that drove China’s economic miracle for a generation is facing its sternest test yet.
The $18 trillion economy is decelerating, consumers are downbeat, exports are struggling, prices are falling and more than one in five young people are out of work. Country Garden Holdings Co., with 3,000 pending property projects up and down the country, is on the cusp of default and protestors have gathered at Zhongzhi Enterprise Group Co., one of the biggest shadow banks, demanding their money as payments are halted.