This Was Supposed To Be China’s Year. Alas…

This was supposed to be China's year. You can probably recite the investment case from memory. Xi Jinping finally abandoned "COVID zero," setting the stage for a robust economic rebound. Crackdowns aimed at facilitating "common prosperity" were mostly complete, clearing the way for foreign investors to get excited about the nation's assets again. And so on. It was a good story. It was also naive in many ways, as Western narratives about China tend to be. Fast forward five months and there's n

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