China’s go-go days are behind it as the world’s second-largest economy struggles with the bursting of the biggest real-estate bubble ever. Now, China’s goal of overtaking the U.S. as the world’s largest economy might take decades longer than Beijing expected—if it happens at all.

Chen Jian is Director of the Center on Global History, Economy, and Culture at New York University–Shanghai and East China Normal University and a Global Fellow at the Woodrow Wilson International Center for Scholars.

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