A few months ago, Xi Jinping seemed unstoppable. He’d just abolished presidential term limits and announced the most sweeping government overhaul in decades. Having hosted Donald Trump for a successful visit in November, Xi seemed to have prevented a trade war with the U.S. Party propagandists were distributing hagiographic accounts of the newly anointed leader for life.
Today, China’s president looks like he may have overreached. An economic slowdown, a tanking stock market, and an infant-vaccine scandal are all feeding domestic discontent, while abroad, in Western capitals and financial centers, there’s a growing wariness of Chinese ambitions. And then there is the escalating trade war with the U.S. China initially refused to believe it would happen, but in the past few weeks it’s become the prism through which Xi’s perceived failings are best projected.
