Because strategic, economic, and ideological perceptions of China contain multiple, sometimes contradictory facets in Southeast Asia, receptions of and responses to Beijing diverge across and within state lines.

As consumers and businesses continue to hold off on spending and investment, deflationary pressures deepen, further depressing prices and economic activity.

It will require many years of real determination by Beijing to drive the role of consumption to much higher levels if China is to rebalance in a nondisruptive way.

While the new strategy benefits local governments and wealthy homeowners, it has different implications for China’s middle- and low-income populations.

Because of the way credit expansion is managed, monetary expansion in China is directed mainly toward the supply side of the economy.

Banks and other fixed-income investors are buying long-date government bonds because the economy is struggling and better alternatives don’t exist.