And so it begins, possibly. China has a very big economic adjustment ahead of it; this may well be a sign that the long-delayed change has begun, or is about to

And so it begins, possibly. China has a very big economic adjustment ahead of it; this may well be a sign that the long-delayed change has begun, or is about to begin, in earnest. (I'll refrain from any nautical metaphors here.) All those complacent expectations of the next five years or so of the world economy seem to depend on things being mostly okay in China. I suppose we'll see how that works out.