In March 2007, Chinese Premier Wen Jiabao warned his colleagues at the National People’s Congress that “the biggest problem with China’s economy is that the growth is unstable, unbalanced, uncoordinated, and unsustainable”. China is now dealing with the consequences.

The recent trade ructions, while unhelpful, are not the main explanation for China’s ongoing slowdown. The latest figures show gross domestic product growing about 6.5% this year, down from more than 14% in 2007.