China’s five-year plans have given local government officials a single goal: Grow. A couple of weeks ago, the International Monetary Fund told the world that China was essentially doing O.K. It is “transitioning to a new normal,” the I.M.F. said in its regular economic assessment , toward “slower but safer and more sustainable growth.” The main risk, it argued, was that the Chinese government’s push for economic reform might prove “insufficient.” It seems this is a pretty big risk. Financial markets were shaken by China’s decision to abruptly devalue its currency on Aug. 11, days ahead of the publication of the I.M.F. report. For all the I.M.F.’s assurances that this was a minor adjustment after a sharp appreciation of the currency until then, a welcome step that “should […]