The FT has a terrific piece today.
According to experts in Chinese politics and economics as well as government advisers in Beijing, the leadership is comfortable with slower growth rates and is wary of pulling the trigger on any big changes that would add to government debt or risk instability in the financial system.
…Yu Jie, a China expert at the UK think-tank Chatham House, said a close reading of Chinese government announcements and speeches over recent months, including statements from the politburo, showed the top leadership was clear-eyed about the severity of the economic downturn.
