As China last Friday reported a slowing economy in July 2016, fresh questions are being raised about the country’s policy directions and pace of growth. Uncertainty rules the air amid disconnects between policy pronouncements on a shift from state-led investments to a market-based economy on the one side, and a continuation of state dominance on the other. The absence of worthy investment projects is driving a disproportionate amount of bank lending to real estate, which has also brought along the specter of bad loans. Jobs are scarce, and an aging population means more people are chasing the jobs that are available. Bright spots do exist, though, such as a promising high-technology sector and rising consumption spending, signaling some of the shift policy-makers desire. The slowdown in private investment seen in the July numbers is among the worst indicators for the Chinese economy.…