What Kind of Landing for the Chinese Economy?

To sum up, we are not arguing either that preliminary signs of a slowing of Chinese economic activity in recent months are unwelcome or that administrative controls have been counterproductive. Nor can we estimate with great precision the sustainable investment rate or the amount of overshooting that could occur once the investment share begins to fall. But it appears that the needed unwinding of the current investment boom is far from over and that it is premature to herald a soft landing. A long landing is the more likely outcome