In China, car production and factory construction are surging, and hotels and restaurants are bustling. But many of those factories are running at low capacity, while travelers and diners are picking cheaper hotels and dishes when they go out.
The country is also facing high debt, a housing crisis and “secular stagnation” — what happens when excess savings and depressed demand lead to very little or no economic growth.
Qilai Shen for The New York Times
