China bolstered economic growth for decades by pouring trillions of dollars into roads, factories, railroads and more, and doubled down to protect the economy from the global financial crisis of the last decade. Now the torrent has subsided as debt soared and needless projects blossomed . “Policy makers realize the old model can’t continue,” said Lian Ping, chief economist at state-owned Bank of Communications Co. “A consensus has formed and policies are moving in line with this idea.” Premier Li Keqiang told a recent state council meeting that relying on investment was an “old road” and said new construction should be limited to necessary projects. Instead, officials have initiated a series of tax cuts to help stimulate growth, and the central bank has held back from cutting benchmark interest rates, while lowering bank reserve-requirement ratios to make sure the lending continues. That doesn’t mean China is ready to completely […]