Independent Strategy

When the tide turns

There is a moment as flood turns to ebb when, in a few pools on the beach, the tide still flows forward with dry sand speckling the surface of its thick water, while elsewhere the ebb furrows the bottom of wet sand like a claw. But within minutes then the tide confirms itself. Are we at such a moment in China? Does the data and the contradictory ebb and flow of pronouncements signal a policy shift?

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