The Xi Jinping Slowdown

The logic behind a U.S.-China trade deal grew even more persuasive with Monday’s report that the Chinese economy grew by 6.6% last year, its slowest rate since 1990.

Fourth-quarter growth was even slower at 6.4%, and the real growth rate may be lower still given the unreliability of China’s official statistics. Cement production is down, business confidence is faltering, the unemployment rate ticked up to 4.9%, and consumer spending has weakened.