China: The Bubble that Never Pops

The Chinese economy appears destined for failure, the financial bubble forever in peril of popping, the real estate sector doomed to collapse, the factories fated for bankruptcy.

Banks drowning in bad loans. An urban landscape littered with ghost towns of empty property. Industrial zones stalked by zombie firms. Trade tariffs blocking the path to global markets.

And yet, against the odds and against expectations, growth continues, wealth rises, international influence expands. The coming col...