Is the Chinese economy at a standstill or undergoing transformation? | Business and economy

For decades, China has generated spectacular growth thanks to its exports, infrastructure and cheap credit. But this old model is running out of steam, even if it reached a record trade surplus with the world this year.

The real estate sector is drowning in debt, confidence is crumbling and consumers are holding back. Today, Beijing faces its toughest test yet: how to keep the world’s second-largest economy growing without relying too heavily on the engines that once powered it.

A new five-year plan promises “high-quality growth” based on technology and autonomy. But trade tensions with the United States could make the rise even steeper.