Last month, China released details of its 14th five-year plan, the outline for how it will double its GDP by 2035, rebalance its economy, attain technological self-reliance, transition to a sustainable economic model, and stage a green industrial revolution to boot. Good luck. In the short time since the plan’s announcement, the country’s biggest-ever IPO (for Jack Ma’s Ant Financial Group) has collapsed, several strategic tech firms have run into financial trouble, and now the country’s national champion chipmaker, Semiconductor Manufacturing International Corporation (SMIC), has been thrown into turmoil by the (apparent) shock resignation of its CEO. China has started...