China’s Bad News Just Keeps Getting Worse

Chinese economic policymakers already had a difficult juggling act before the twin crises of Covid-19 and Russia’s invasion of Ukraine. They were trying to work off a massive increase in financial leverage and steer the nation away from lifespan-threatening pollution while at the same time ensuring sufficient growth to maintain social stability.

But for President Xi Jinping and his lieutenants, the challenges just keep multiplying.