How do we solve a problem like China?

At last week's State of the Union, President Biden addressed China — the elephant in the room — reiterating his view that "we want competition with China, but not conflict." "For years, all I've heard from my Republican friends and so many others is that China's on the rise and America is falling behind," said Biden. "They've got it backward. America is rising." But if you listen to Chinese President Xi Jinping, you hear the opposite: "the East is rising, and the West is declining." So, who is right? One piece of evidence that China is struggling is the huge…