China has been teetering on the precipice of an economic crisis for quite some time now. Structural issues within the country’s financial system and the protracted lockdowns of essential hubs, ports and even entire provinces resulted in supply chain disruptions, slowed economic growth and generalized unrest throughout the country. And because economic vitality is the basis of the Communist Party of China’s power, these circumstances pose a threat to government stability. Until now, President Xi Jinping has managed to consolidate power such that he could remain China’s ruler for life. But his failure in navigating new challenges has put his...