Part 7/9:
Gordon Chan's foresight has aged like fine wine; it's not just that he predicted the downturn, but that he saw through the illusions of stability in an authoritarian regime. As Xi Jinping has consolidated power, the focus has shifted away from the pragmatism that once characterized Chinese governance, leading to missteps that have only intensified economic fragility.
Authoritarian promises can seem sustainable until external pressures mount, which, in China’s case, has resulted in a growing disconnect between the state and its economic and social fabric. Indeed, systems can function adequately when decentralized but may deteriorate rapidly under centralized autocratic rule, a transformation that has led to significant mismanagement and mistrust.