Beijing must act soon to secure China's economic future

China's economy defies analogies. Just as its growth over the past four decades was unprecedented, its current difficulties - and it certainly has a problem, if not quite a crisis - are unique. It is not Japan in 1990, Korea in 1997 or the US in 2008. China does not face a financial crisis or a balance sheet recession; indeed, with growth still roughly on course to reach 5 per cent this year, it does not face a recession at all. Nonetheless, the situation is serious. In the past Beijing authorities have shown great flexibility and ingenuity to keep growth…