News Analysis After a disappointing couple of months, China’s economy improved modestly in November. It seems that the worst of the energy shortfall had lifted, allowing some catch-up last month. Beneath these kinds of month-to-month variation, however, China’s economic and financial fundamentals suggest a slower growth profile for some time to come. Chinese leader Xi Jinping seems to recognize this reality. Perhaps in an effort to put a good face on a painful reality, he has begun to talk less about growth than quality of life and environmental concerns. However, Beijing chooses to color economic reality—slower growth is in China’s future. According to preliminary figures, Chinese manufacturing showed a slight upward movement in November after two months of modest declines. The Purchasing Managers Index (PMI) came in at a level of 50.1, just a hair above the 50-point mark that distinguishes growth from decline. The non-manufacturing index showed growth even …