The red dragon’s fire breath was already dying out before the Coronavirus pandemic had slain the beast. After more than 20 years of exponential growth, the paper tiger’s roar became a whimper thanks to the housing collapse, trade war, and public health crisis. The fragility of China’s economy is on full display as the world learns of the financial troubles brewing in Beijing. China is on life support, and it may be too late to resuscitate the nation whose situation is a lot worse than global financial markets are anticipating.
