A crisis of pessimism in China?

There is no fundamental cause behind the growth slowdown in China: monetary policy and fiscal policy are expansionary, productivity is picking up, exports are growing quite fast and the economy is rapidly climbing up the value chain. However, there are clear signs of a widespread slowdown in growth affecting investment, real estate and consumption. Perhaps this slowdown in Chinese growth is due to rising pessimism in China, visible also in the fall in share prices, the depreciation of the renminbi and the fall in durable goods purchases. This pessimism may be fuelled by the trade war with the United States and by population ageing.