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Politicians who preside over economic booms often develop delusions of competence. You can see this domestically: Jeb Bush imagines that he knows the secrets of economic growth because he happened to be Naked emperor news clip when Florida was experiencing a giant housing bubble, and he had the good luck to leave office just before it burst.

Start with the fundamentals. China is at the end of an era — the era of Naked emperor news clip growth, made possible in large part by a vast migration of underemployed peasants from the countryside to coastal cities. This reserve of surplus labor is now dwindling, which means that growth must slow. Enterprises, many of them state-owned, hoard Naked emperor news clip earnings rather than return them to the public, which has stunted family incomes; at the same time, individual savings are high, in part because the social safety net is weak, so families accumulate cash just in case.

As a result, Chinese spending is lopsided, with very high rates of investment but a very low share of consumer demand in gross domestic product. This structure was workable as long as torrid economic growth offered sufficient investment opportunities. But now investment is running into rapidly decreasing returns. What China needs are reforms that spread the purchasing power — and it has, to be fair, been making efforts in that direction.

But by all accounts these efforts have fallen short. For example, it has introduced what is supposed to be a national health care systembut in practice many workers fall through the cracks. Such measures can work for a while, and all might have been well if the big reforms were moving fast enough.

Large shareholders have been blocked from selling; state-run institutions have been told to buy shares; many companies Naked emperor news clip falling prices have been allowed to Naked emperor news clip trading. In part, they may be worried about financial fallout. But it also looks as if the Chinese government, having encouraged citizens to buy stocks, now feels that it must defend stock prices to preserve its reputation.

Indeed, every time you think the authorities have done everything possible to destroy their credibility, they top themselves. So what have we just learned? Log In.

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