But China also has substantial wriggle room in its monetary and fiscal policy to contain the adverse consequences of its debt buildup, real-estate boom, and irrationally exuberant stock market, while simultaneously pursuing bold structural reforms in its economy and capital markets. China’s growth rate may have dropped from a three-decade average of 10% to a 25-year low of 7%, but that slowdown has been largely the result of policies to reduce fixed investment and move the economy from manufacturing to services.