The Evergrande Collapse: A Reckoning for China’s Economy and the CCP

As China’s economic stability continues to deteriorate, Evergrande’s delisting from the Hong Kong Stock Exchange signals the end of the ‘China Miracle.’

An aerial view shows the Evergrande Wuhan culture-oriented travel city left unfinished amid a liquidity crisis, in China on Oct. 18, 2021. Getty Images

Commentary

China’s so-called economic miracle isn’t just showing cracks; one of its main pillars is crashing to the ground. When Evergrande—once China’s largest real estate developer—finally went under and was delisted from the Hong Kong Stock Exchange in August, it was the last nail in the coffin for a corporate failure of unrivaled dimensions in the Chinese economy.