To state the obvious, China is Top of Mind. Given recent rapid-fire developments in Chinese markets—and ensuing confusion about the country’s growth and policy trajectory—we attempt to gain a better understanding of what is really going on in China. We feature three interviews: Andrew Tilton, our chief Asia-Pacific economist, on the macro outlook (we expect further deceleration in growth in coming years, but fiscal support should stabilize growth in Q4); David Li, Tsinghua University professor and former PBOC advisor, on policy motivations (policymakers want a stable RMB more than they want currency reform); and Roderick MacFarquhar, Harvard professor, on the political context (bolstering Party legitimacy is the leadership’s absolute priority). We address what commodities tell us about China (a more sanguine message than one might expect) and scratch the surface of global implications (EMs will feel the negative impact most, and are the likely channel for any spillover to DMs).