New Delhi, July 16 -- Is China's economic slowdown simply a sign of its economy's maturity? Large economies do tend to grow slower and its GDP was placed at almost $20 trillion in 2025, roughly two-thirds of America's.

Yet, Beijing isn't very used to seeing numbers fall short of projections, so its latest official data showing growth of just 4.3% in the quarter till June over the same period last year may have evoked a measure of consternation. In the previous quarter, China had grown 5%, a pace touching the upper end of its 4.5-5% annual target. This is the lowest goal it has set since 1991-and it risks being missed.

Given its economy's size, this slump may seem natural, but the country has been dealing with a swelter of problems. Over...