So much for the hard landing scenario. Chinese leaders appear to have stabilized their $10 trillion-plus economy by relying on a tried and true playbook: unleash a torrent of credit to power a borrowing surge and spending splurge. The flood of money has helped house prices rebound, spurred investment, stabilized markets and buoyed consumers. It also ensured that gross domestic product in the first quarter came in at a 6.7 percent gain from a year earlier, matching expectations and well within the government’s 2016 target of 6.5 percent to 7 percent. It’s all a world away from the start of the year, when stock markets reeled in Shanghai and Shenzhen and investors around the world were baffled by currency policy and the direction of the yuan. In January, what looked like a decelerating and unstable China loomed as a negative for the global economy and all manner of commodities, […]