Bill Gates recently pronounced that China had created "a brand-new form of capitalism" with consumers at its centre. Unless he meant foreign consumers, it is a curious claim, given that China's consumption/gross domestic product ratio has been steadily declining. It is a sign that China's growth is increasingly driven by investments, which many economists and officials in China have warned is an unsustainable trend.

Mr Gates' remark was also a reminder of how western observers typically gloss over the institutional shortcomings in China's system, even while the Chinese themselves are increasingly voicing their complaints about the issues and obstacles to doing business in China.