It is well known that Chinese history is circular—dynasties rise and dynasties fall. In 2008, China was supposedly on the brink of collapse. In 2009, its farsighted stimulus program saved the world economy. And in 2015, its nearsighted stimulus and ham-handed regulation was poised to tank the world economy. Now, according to market consensus, China’s problems have largely been fixed and it is poised to dominate the new century.

Source: Wall Street Journal November 23, 2017 05:56 UTC