Though it has achieved impressive historical growth, China’s centralized economic system is headed for trouble.
Americans have legitimate concerns about China—and, with House Speaker Nancy Pelosi’s visit to Taiwan sparking new tensions, those concerns are only growing—but what many fail to see is that Beijing is not the economic juggernaut it is often believed to be. On the contrary, China’s economy has become increasingly fragile. To use a word heavily overworked these days, its problems are systemic.
