News Analysis Beijing’s containment strategy is failing. Instead of abating, China’s financial strains are intensifying. Last month, when concerns first arose with the insolvency of the real estate giant Evergrande, Beijing held back from getting too involved. The nation’s leadership no doubt hoped that the financial waves would calm without much effort on their part. Now with the announcements of more failures and defaults, it is apparent that financial problems are deepening and becoming more widespread. Indeed, the news is beginning to resemble the beginnings of America’s 2008-09 financial crisis. Beijing cannot avoid acting for long. The latest news is disturbing. The first tentative signs emerged in August when Sunshine 100 China Holdings Ltd. defaulted on some of its dollar-based notes. A few weeks later, the much more significant Evergrande failed to make an interest payment on a much larger issue of dollar-based debt and announced that it was effectively …