China's Export Boom Masks Domestic Slowdown, Delaying Consumption Shift

China's economy is slowing as domestic consumption and investment weaken, but industrial production and exports remain strong, sustaining large trade surpluses. The government has not yet delivered the income-boosting stimulus needed to pivot from exports to domestic demand, and August data suggests the export-led model persists. This divergence implies continued global trade imbalances and delayed rebalancing, with implications for growth and trade policy.