Xi Jinping is having a bad year. Amid intensifying competition with the United States, the Chinese president has pushed through a raft of policies that are damaging China’s economy and driving countries in Asia and around the world to partner with the United States. Xi’s zero-COVID policy is hurting the Communist Party’s credibility, and his tacit support for Russia’s invasion of Ukraine is tarnishing China’s international image.
Although China emerged from the first wave of COVID-19 as the only major economy to avert recession, recent crises in the property sector, aggressive technology regulations, rising energy costs, and lockdowns in major cities have battered the Chinese economy. Business sentiment has hit a wall, and foreign companies are increasingly wary of committing more capital to China. Others are considering leaving for good.
China’s foreign policy scorecard has been similarly spotty. Tensions…