China’s economy is limping under the weight of government-created market inefficiencies, draconian Covid lockdown policies, an imploding real-estate bubble, and an aging population. But Congress’s self-defeating Inflation Reduction Act gives President Xi Jinping something to celebrate this November at the Communist Party’s 20th National Congress.
With a single legislative act, Democrats have increased Beijing’s geopolitical leverage, reduced American living standards and global economic competitiveness, and assisted Mr. Xi’s ambitions to dominate biotech. The kicker is that Democrats have told Americans their bill will deal a blow to China. Americans will be in for a rude awakening when they discover the truth.