This was supposed to be the “Chinese century.” In just a few decades, China transitioned from a developing economy to the world’s second-largest. Measured in purchasing power parity, it actually surpassed the U.S. economy in 2014, and has since expanded its military, monetary, infrastructure, and soft power capacities in ways that all seemed to point to long-term advantages as a rising power. At the Communist Party’s five-yearly congress in October 2022, Xi Jinping cemented his place as the country’s “helmsman” and its most powerful person since Mao Zedong, with an unprecedented third term as party chief. And yet the failure…