It’s been nothing but grim news for the Chinese economy this year. A hoped-for COVID-19 recovery never materialized after years of repression left the public wary of spending, giving it a case of what economist Adam Posen dubbed “economic long COVID.” (Hear him discussing that idea on FP Live.) Real estate giants have been on the brink of collapse all year. Even the Communist Party has reluctantly acknowledged the scale of the problems it faces, although officials claim that things can only get better. And Chinese dictator Xi Jinping needs someone to blame for everything going wrong.
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