Here’s How Bad China’s Economy Really Is. Can It Be Fixed?

China’s leaders are aiming for economic growth of around 5% this year, an ambitous goal given sluggish consumer spending, a global backlash against Chinese goods and a still shaky property market. In September, with the target sliding out of reach, Beijing unleashed a package of stimulus measures including interest rate cuts to turn things around. Success is not assured. Persistent deflationary pressures have also sparked a discussion about whether the world’s second-biggest economy is headed fo