The state of the Chinese economy heading into a meeting of the G20 — where President Xi Jinping is set to discuss trade with President Donald Trump — is stable but weak. Economic indicators are telling policymakers that attempts to target injections of credit into the system will not be enough to keep the economy stable in the face of increasing pressure. That pressure is coming from not just the trade war but also China's old nemesis — corporate and financial-sector debt. Should trade...


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