China is opening to the world again, but the world’s hearts and minds are closing to China. Sino-U.S. “decoupling” will be costly for the U.S., requiring expensive investments and imaginative reforms to offset. The same is true for China—only more so. If other advanced economies also pull away, China’s prospects will darken sharply.
China’s economy and exports have surged back thanks to its successful, early control of the pandemic. But this early success conceals worrying structural shifts in the global political environment….
