, Columnist
How China's Economy Grows Even as Credit Tightens
The big story is the rise of services and consumption, replacing manufacturing as the key sector.
China's economy has changed.
Photographer: Gilles Sabri/BloombergChina is serious about weaning itself from debt and even more serious about keeping its economy stable.
Achieving these goals might seem like a contradiction, given that unwinding a credit binge tends to restrict economic activity, at least in the short term. And if the skirmish between the U.S. and China on trade does degenerate into a war, then pumping a bit more money into the economy doesn't seem like a terrible option. It's hard to imagine a huge Chinese fiscal leap like the one undertaken in 2008 during the global finance crisis.