China Economy: May the Good China Preserve Us

China is enjoying its new prestige as a global economic helmsman, but it still has problems at home

THE sense that someone else's loss is your gain, leading even to rejoicing at their disaster--xing zai le huo--is as hard-wired into the Chinese psyche as anywhere. Honed by American policymakers' past fondness for hectoring China about the need for better risk-management and...