TOUGH TIMES FOR STARTUPS: Reformers say China needs more entrepreneurs. But Beijing’s response to the deepest economic slump since the 2008 crisis is to pump money into state industry, leaving small-time businesspeople that create jobs to fend for themselves.

PROBLEMS WITH THE STIMULUS: The government’s emphasis on state industry that creates few jobs will come at a longer-term cost, setting back efforts to reduce reliance on investment and generate self-sustaining growth powered by consumer spending.

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