Poor old China. It is in a bit of a mess. Its problems didn’t exactly happen overnight, though. It has been in the making for quite a while. However, some had hoped that the decline of the Middle Kingdom could have ended when the usual handover of power at the top could have ushered in a more pragmatic administration. But there is little chance of that happening now. Instead, the Chinese Communist Party could doggedly pursue its ideology of socialism with Chinese characteristics, even if it should lead to the detriment of its economy. Problem is, nobody quite knows what this doctrine really is. It appears to be a movable feast. And that alone is adding to the policy confusion that is unsettling the market. What’s more, the drip, drip, drip of news about interventions to stem the decline in the Chinese property market, to control the depreciation of the Chinese yuan, and arrest...