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You ought not to need much help understanding the emphasis of this headline – the days of 7%-plus growth for China are over as it comes to the end of reaping the benefits its export-model business. There are still ways the country could engineer enormous economic growth, but they are ways that the Chinese government is unlikely to take – if it has even a modest instinct for self-preservation – such as removing state influence from private business; bringing credit markets under control; and allowing firms to go bankrupt if they fail – all of which are policies that have helped the Communist Party retain its grip on power.

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