Project Syndicate essay explores the imbalanced economic growth model in China, skewed towards exports rather than domestic consumption, how this is causing low consumption, large external surpluses, industrial overcapacity, environmental degradation, government interventions like capital controls or financial repression .. “The bias toward manufacturing and export industries leads to a severe misallocation of capital. Less efficient industrial sectors have accumulated significant excess capacity, destabilizing the entire economy, while more productive, efficient sectors lack access to the resources they need. Restructuring the economy is perhaps the most urgent – and most difficult – challenge facing China’s leaders today. Given that the current distortions are interlinked, they may need to be addressed simultaneously. China’s gradualist approach may no longer work.”