The quiet revolution

WITH China, the received wisdom belongs to the pessimists. Figures this week revealed that growth has slowed sharply and deflation set in, as the economy is weighed down by a property slump and factory production is at its weakest since the dark days of the global financial crisis. In the first three months of 2015, GDP grew at “only” 7% year-on-year. Growth for 2015 will probably be the weakest in 25 years.