Global markets have watched anxiously as a huge and deeply indebted Chinese property company flirts with default, fearing that any collapse could ripple through the international financial system.

China Evergrande Group, the developer, on Wednesday said it reached a deal that might give it some breathing room in the face of a bond payment due the next day. But that murky arrangement doesn’t address the broader threat for Beijing’s top leaders and the global economic outlook: China’s growth is slowing, and the government may have to work harder to rekindle it.

Retail sales were much more weak than expected last month in China, led by slow car sales. Industrial production has slackened, particularly for large freight trucks. And developers sharply reduced new housing projects over the summer, while rushing to finish the projects they had already started.

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