The growth of the Chinese economy has slowed to the lowest in three decades, suggesting peril to world security by the second-largest economy and principal trader. When China spits, as the proverb goes, Asia swims. The rest of the world gets wet feet, too.

Weaker growth of Chinese exports has reduced demand for imports of intermediates and raw materials, reflecting losses on iron ore and copper trading and like products mostly in emerging markets of key global commodities.

But the bigger worry of policymakers is that the latest data shows a loss of momentum in the three engines of the world’s second-largest economy ― exports, investment and consumption.

Beijing’s “Socialism with Chinese Characteristics” has chilled liberalization, heightened mercantilism, raised bureaucratic hurdles to trade and investment, weakened the rule of law, and strengthened resistance from vested interests that impede more dynamic economic development.

The economic slowdown may be more severe than official statistics indicate, and poses serious challenges to a government whose legitimacy depends on its ability to raise living standards. Much will depend on how successful President Xi Jinping maneuvers to consolidate power for a third term.

He makes it difficult to analyze measures that could be taken in the tightly controlled economy. His strategy to achieve Chinese dominance of high-tech sectors has engendered pushback from global rivals.

All land in China is state-owned and protection of foreign intellectual property is, to use Chinese delicacy, “inadequate.” The judicial system is dominated by government agencies and the Chinese Communist Party.