Hannibal Smith, of the 1980s TV staple The A-Team, had a signature phrase: “I love it when a plan comes together.” Cue theme song (dun-da-dun-DAHH!).

China’s policymaking A-team is not ready to roll the credits. Despite an aggressive stimulus programme, September headline trade data were horrific. Exports in renminbi terms fell 4 per cent. Worse — for those who think the domestic economy is marching along even as outbound trade softens — imports fell a whopping 20 per cent year on year, after falling 14 per cent in August.

While volume data show that some of the drop is due to falling commodity prices, it is clear that China is still slowing. This should not be a surprise: as China shifts from heavy industry towards consumption , some deceleration is inevitable.