China’s economy is in bad shape. After four decades of growth, which lifted millions out of poverty, the boom is over and the Communist Party’s model for keeping its unique form of capitalism ticking along is breaking down.

University graduates cannot find jobs, as many as 50 million apartments are empty and developers are running out of money to complete millions more that have been half-built, the debt is piling up and investors face losing their life savings as finance firms struggle to make payments on wealth products.