China has reduced its growth target to 4.5–5%, reflecting mounting economic constraints
Rapid debt buildup has narrowed fiscal space and limited stimulus options
Investment-led growth and export dependence are proving unsustainable
Falling property prices and cautious households are holding back domestic demand
Beijing stresses tech self-sufficiency while urging restraint on wasteful spending
China’s challenge lies not just in a broken model, but in hesitation to reform it