many of the western manufacturing jobs lost had they not gone to china would have gone to other emerging markets. in any event, most agree that the china shock ended about a decade and a half ago. but its political effects remain strong. even though the story in china today is completely different. china s economy is in bad shape. the numbers that are being released all point to a sharp economic slowdown with few bright signs. economic growth last quarter came in 0.8%. putting china at risk of missing the government s target for the year. prices are close to levels that suggest deflation, which means no one is buying anything. new home sales by china s 100 biggest developers dropped by 33% last month compared to a year ago. youth unemployment is now over 20%. tourism to china has collapsed.