Investors have soured on China's stocks, renewing fears about its economy

The wager was supposed to be a no-brainer. China was reopening after nearly three years of pandemic lockdowns, and investors expected that its economy, the world's second-largest, would come roaring back to life. Chinese stocks soared. But that bet has soured. This week, Chinese stocks that are traded in Hong Kong sank briefly into a bear market, after losing more than 20% of their value from a high in January. Stocks on the mainland are also in the red for the year. The declines reflect a fizzling optimism in the viability of the post-COVID recovery in China, which has long…