If Xi Jinping was hoping for an uneventful and stable 2022 before his planned “re-election” this fall, he must be disappointed. In January I wrote that “China’s economic future isn’t looking all that bright and is starting to have political implications for President Xi Jinping.” That turned out to be an understatement. Today China’s economic prospects look significantly weaker than at the beginning of the year, with the International Monetary Fund cutting its forecast for Chinese growth to 4.4% while other economists predict figures below 4%. Capital has been fleeing the country , with foreign investors dumping $18 billion in Chinese bonds and more than $7 billion in Chinese stocks in March alone. What happened? Four things: Continue reading your article with a WSJ membership View Membership Options