China Old Economy vs New The day-to-day data coming out of China are sometimes reminiscent of the classic Zen riddle about listening to the sound of one hand clapping. They’re puzzling, even a little baffling. The world’s second-biggest economy is decelerating. The government reported Wednesday that first-quarter gross domestic product grew 7 percent, the slowest pace since the 2009 global recession. The International Monetary Fund, meanwhile, sees Chinese expansion slowing even further to 6.8 percent this year and 6.3 percent in 2016. India is now the rock-star emerging market, tipped to grow 7.5 percent this year. At the same time, the scent of fast money hovers over Shanghai, Shenzhen and Hong Kong, where stock markets are enjoying explosive rallies. The Shanghai Composite Index is up 94 percent over the last 12 months and some $4 trillion has been added to the total market value — now $7.3 trillion — […]