Despite the Biden administration‘s humiliating displays of homage to the bureaucrats in Beijing, the Chinese Communist Party may very well need the grace and favor of the West, and the United States in particular, more than we need them. Despite Chinese President Xi Jinping‘s hopes that relaxing China’s draconian COVID lockdowns would spur economic renewal, Asian markets tumbled upon the news that Chinese economic expansion stagnated to just 6.3% on an annualized basis last quarter, falling far too short of economists’ expectations.