Over the last decade, the idea of a “Chinese slowdown” has come to seem like an oxymoron. The data on manufacturing activity which Beijing released yesterday show this is no longer the case. The official purchasing managers’ index fell to 49 in November, For the first time since February 2009, the sector is experiencing a decline and the future looks no brighter. Economists at UBS expect year-on-year GDP growth to drop to 7.7 per cent at the start of next year, a sharp decline on this year’s expected 9.3 per cent.

The reason is partly domestic. Although construction has held up, property sales have dropped sharply and developers are delaying new projects. This means that the construction boom may be near its end.

Just as important, however, is the crisis in the eurozone. Beijing’s growth model is still largely export-led and its main trade partner is the European Union. For all the talk of an Asian decoupling, the Chinese and European economies remain closely intertwined.