The Chinese Communist party’s prickly attitude to criticism is not uncommon. The reality, though, is that systemic problems have over the years become features in China’s $19 trillion economy. The real estate market has tipped over after an almost unbroken 20-year boom, which the government itself encouraged. At about a quarter of GDP, housing now faces years of shrinkage as it adjusts to chronic oversupply and lower household formation. Property developers, local governments and state enterprises have high levels of debt and many face debt service difficulties. The virtual absence of inflation reflects inadequate aggregate demand.

Stalled productivity growth, the politicisation of regulation and the business environment, rapid ageing, high youth unemployment and inequality also figure prominently.