Many China observers have pointed out that rapid growth without basic reforms brings the risk of a major financial crisis. China said it would undertake the reforms, but this month, fearful of strikes and other protests amid declining growth, it abandoned them. Fasten your seat belts.

After the financial crisis of 2008, China did what other countries did - it provided fiscal and monetary stimulus to restore growth, at the cost of significant increases in debt and the risk of non-repayment.