Beijing tried to cool the property boom with loan curbs from 2010 onwards but triggered an industrial recession last year in the process. The Politburo was shocked by the severity of the downturn. The concern is that they are turning a blind eye again to excess credit to protect jobs and boost growth, but risks are rising and effect is diminishing. “Economic recovery has been shallow. It is not sustainable,” said Zhiwei Zhang from Nomura, citing weak electricity use and freight traffic.