Two years ago, China was riding high. Decades of miraculous growth had transformed a desperately poor nation into an economic superpower, with a gross domestic product that by some measures was larger than America’s.
China’s aggressive response to COVID-19 was widely praised; its Belt and Road Initiative, a huge program of infrastructure investments around the world, was clearly a bid for global influence, maybe even supremacy.
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Paul Krugman is a New York Times columnist and Nobel Prize winning economist.
