China is at an historic juncture. After decades of high-speed growth, the authorities are now focusing on high …-quality growth. Whether and how this shift is carried through will determine China's development path for decades to come. Recent …

sustainable growth. Risks. Credit and ‘shadow banking,’ local government finances, and the corporate sector— particularly real … considered low as the government has the capacity to combat potential shocks. However, without a change in the pattern of growth … government borrowing, and investment will address the risks, but also slow growth. Macro support should be calibrated to allow …