When China’s economy was unshackled from Covid-19 controls in late 2022, hopes were high that it would roar back to help power global growth. Instead, the country has faced a confluence of problems: a property crisis, towering local government debt, sluggish consumer spending and rising trade tensions. President Xi Jinping has been unwilling to pull out the big stimulus guns in response, fearful of encouraging another bout of debt-fueled growth. He’s focusing instead on high-tech and green indus



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