China’s President Xi is facing a momentous decision as he considers whether to bail out the debt-ridden Evergrande, one of China’s biggest property developers, writes Mattie Brignal. The beleaguered multinational is on the brink of collapse as it struggles to pay the interest on a $305bn mountain of debt. Shares in Evergrande Group tanked 10 per cent in Hong Kong trading on Monday, setting off a ripple of fear across Asia, Europe and the US that the developer could default.
A new Cold War is unlikely. China and the West are destined to co-operate for many years to come.