It is easy to see why Chinese premier Wen Jiabao is calling for a “greater emphasis on growth”. China’s property market is stressed and the country’s main export market, Europe, is contracting. Several economic indicators, including electricity consumption, point to an economic downturn as severe as China experienced after the Lehman bust. Beijing’s mandarins have woken up to an old problem, but not found new answers. A proposed new stimulus plan suggests more money will be wasted on trophy projects, more bad debts will accumulate in the banking system, and China’s economic imbalances will continue to deteriorate.