Rather than blaming China's slowing economic growth on the usual property and debt suspects, some analysts are pointing the finger at the mainland's war on pollution.
"The negative impact of the anti-pollution campaign on economic growth has been quite visible," Claire Huang, an economist at Societe Generale, said in a note Monday.
"Polluting steel mills have been torn down, low-efficiency coal-fired boilers have been dismantled, and high-emission cars are being removed from the road," she said.
Huang expects the war on pollution will shave around 0.35 percentage point off gross domestic product (GDP) growth through 2017, with most of the haircut coming this year.
"Coal, iron and steel, cement and glass production account for around 16 percent of overall industrial output and 6 percent of GDP," she noted.
In March, Premier Li Keqiang "declared war" on pollution in response to increasing public outcry after a large number of days in 2013 when the air was considered hazardous. Li said efforts would focus on reducing hazardous particulates and shutting down outdated factories and energy production.