Hong Kong
ON a tour of central Henan province last May, China's president, Xi Jinping, first raised the notion of the economy adjusting to a "new normal". Eight months later, with the economy growing at its slowest pace in more than two decades, it is increasingly clear what this adjustment will mean for China - the leadership in Beijing will tolerate slower growth in order to reduce the economy's reliance on credit-fuelled investment, replacing it with domestic demand as a key driver of growth.
The effect of this slowdown on global markets has been drastic. China is the world's biggest consumer of coal, iron ore and copper - and the prices of all three have in recent weeks fallen to their lowest...