The Chinese economy is in a slump. Industrial production is down. Retail sales are down. The property industry continues to struggle. The People's Bank of China just did a surprise rate cut. So what's driving the decline and what can the government do about it? On this episode of the podcast we speak with Zongyuan Zoe Liu, the Maurice R. Greenberg Fellow for China Studies at the Council on Foreign Relations and the author of the new book Sovereign Funds: How the Communist Party of China Finances Its Global Ambitions. She explains how the "four Ds" — demand, debt, demographics and decoupling — are acting as a persistent drag on the Chinese economy right now. We discuss possible policy responses and how China's war chest of financial assets plays into the government's strategy.