China has slain its inflation demon for now, but in the process it has inflicted considerable damage on the broader economy and raised the spectre of a more serious growth slowdown.
On the surface, the latest data looked every part the soft landing that Beijing has been trying to engineer. Inflation dropped sharply to 5.5 per cent year on year from 6.1 per cent a month earlier. Investment, which drives the Chinese economy, held steady with a 24.9 annual per cent increase.
But serious trouble lurks in the banking system, the private sector and, above all, the property market.
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