To understand why China's slowdown is looking so ugly, you've got to look at what happened to Chines

China's economic data show the country is under major strain from attempting to rein in debt. And it isn't just corporate profits or the financial sector that are getting hit, weakness in consumer spending has spread across the economy. Part of this is because Chinese consumers have taken on a bunch of debt really fast. To understand part of why China's downturn looks different this time, you have to understand how Chinese consumers have changed. In short — like the rest of their country...