In India, the housing market is in the doldrums. In China, house prices in the last two years have risen by more than 40 per cent, and mortgages now account for half of all new bank loans — double the share a year earlier.

In India, the government is looking for ways to boost economic activity; in China, they are shutting down aluminium plants to control pollution, and clamping down on the housing market. In India, the debate on special economic zones saw a brief revival before dying down; in China, the Xiongan New Area, south of Beijing, is being launched as another Shenzhen in the ...