China: from omnipotent to impotent?

China: from omnipotent to impotent?

I've been struck in the last couple of weeks by China's apparent fall from global economic wonder-kid to the latest problem child.

Neither characterisation is true in my view.

What really seems to have spooked people is the psychological turnaround from apparently omnipotent Chinese government, able to command and fix at will, to a government that's apparently largely as financially impotent as any other.

Haven't we seen this same "country on a pedestal" culture that saw Japan fall from grace in the 1990s, the US in 2000s (along in a small way with the UK) and now China?

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