The narrative about China has changed with stunning speed, from unstoppable juggernaut to pitiful, helpless giant. How did that happen?
My sense is that much writing about China puts too much weight on recent events and policy. Yes, Xi Jinping is an erratic leader. But China’s economic problems have been building for a long time. And while Xi’s failure to address these problems adequately no doubt reflects his personal limitations, it also reflects some deep ideological biases within China’s ruling party.