China’s economy has changed drastically in the last four decades. When China started to open up to the world in the late ‘70s and ‘80s, it went from one of the world’s poorest countries, to one of the world’s fastest growing major economies.

But now, that same economy is struggling. Home prices are in freefall, retail sales are slowing down, unemployment is up. Things have gotten so rough that last week the Chinese government announced a set of stimulus measures that are meant to give the economy a big boost.

Jonathan Cheng is the Wall Street Journal’s China bureau chief. He walks us through what these economic challenges mean for China, its citizens, and the global economy.

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