Joe Zhang is co-chair of SBI China Capital Group in Hong Kong, a former economist at the People's Bank of China and the author of "Party Man, Company Man: Is China's State Capitalism Doomed?"
Opinion
China is finally facing up to the limits of economic stimulus
Country looks set to fall well short of annual growth target
Decorative lights are turned off to save power in Shanghai on Aug. 22: Beijing may have to switch to serious helicopter money. © VCG/Getty Images
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