China's industrial policy has mostly been a flop

Not the juggernaut that people thought

By now, the popular myth of Chinese inevitability and invincibility that reached its zenith in 2020 has been decisively punctured, thanks to the failure of the Zero Covid policy and the subsequent massive spread of Covid. China’s leaders spent three years trumpeting the idea that their system was superior because of their ability to control the virus; this turned out to be a rhetorical blunder, since it raised expectations to impossible heights and set Covid up as a litmus test of greatness that China couldn’t possibly pass. Beyond the Covid-related headlines, however, the Chinese…

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• Ngoc Nguyen

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