Beijing has announced new measures to support private companies. Its recent track record invites skepticism.
The renminbi’s fall against the dollar this year seems to have caused Chinese policymakers unusual levels of anxiety.
Disengagement will impede growth, increase business costs, and raise prices for everyone in the West. But the economy that loses the most may be China’s.
With Covid controls and perceived complicity in Russia’s aggression already threatening to isolate China, the risks of pursuing Xi's campaign should not be underestimated.