> A distinctive feature of Chinese governance is to continuously fix slogans, like “reform and opening” to move the country away from socialism, and the more recent “common prosperity” to move it back. Beijing isn’t satisfied with greater national wealth.

> A lot of macro indicators on China are disappointing, like a rise in the amount of credit needed to create growth and a fall in total-factor productivity growth. But we can’t let these poorly-measured data points govern as the gospel truth to understand this economy.

The reader is left to interpret the overly broad hand-wavy navel-gazing adjectives and adverbs.

I'm not sure what this very long "letter" is supposed to inform a reader about. There's no substance. I'm not sure it's intentional, but it's obvious.